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Bought a House & Halfway to Credit Card Debt Free!

September 14th, 2012 at 11:08 am

It's been almost four months since I last wrote and it's been a busy, crazy time. We bought a house since we are staying here long term and to rent an apartment or townhouse would have cost us MORE per month than buying. Rent would have been $300-500 more than our mortgage & escrow combined! We were blessed to find a single family with three bedrooms and a yard (we were in a 2 bedroom condo with three kids). It is older and we have had to see the potential, but it's wonderful and I feel very blessed.

We had to take a little of our retirment for the down payment, but we plan on this being our forever house and will have it paid off right at retirement (if we don't put any extra towards it), so that helps me feel better about it. We could not have afforded to rent a three bedroom so it just made financial sense since we really needed three bedrooms.

Anyway, perhaps even better was getting our credit counseling statement in the mail today. We started in June 2010, just as my husband was laid off, with $34,643 in debts. Ugh. August 2012 statement shows we have paid $18,098 and have an estimated balance of $19,112.90! We are about halfway there! I have had to readjust our balances once a year since we pay it down faster than their estimations, so I expect that we will pay our last payment around Sept/Oct 2014, a full year early. It just makes me happy; I cannot wait to have that money back in our budget each month to bolster our retirement savings and just to have wiggle room.

1 Responses to “Bought a House & Halfway to Credit Card Debt Free!”

  1. terri77 Says:

    You've done great paying off your debts! Wow.

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