Woohoo day/ ideas to stay debt free?
Question: What a day! We received our income tax cheque in the mail today and sold my husband’s “neglected” motorcycle, finally. This really paid down our debt by a big chunk. We will be debt/worry-free by this time next year! Have any of you been though this and managed to keep the debt away? We’ve learned so much by this experience and I’m sure we’ll never get into it again. Are there any ways you all have learned to stay debt-free?
Answer: Good info deadend.
I would add that whatever you do…don’t trade in your home equity for debt repayment. We paid off 8,000 dollars of an 11,000 balance some years ago. Then made the mistake of combining the last 3000 with our remaining car payments and a new roof (very much needed) into a home equity loan. When we went to sell our house 2 years later….this move severely limited our options as to where we were able to move.
In the future, I would only get a home equity loan for actual home improvements in the house I will stay in for a long time. Or for improvement projects that have some value in increasing either the saleability or the actual price of the home I want to sell. I want to enjoy any improvements I make. Most of our improvements are made by us.
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Filed under: Home Equity Loan
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