Part Six: As the months went by, so did the debt. I was able to cash in on some of my companies stock options
to pay off one car payment and half of the other. I then focused on the second car payment by attacking it with the debt snowball. I, unlike Dave Ramsey
's plan, did not pay my smallest debts first. Instead, I paid the bigger interest rates first because I knew I was in this for the long haul. Once both vehicles were completely paid off it was time to retire the credit card balances. Actually there was only one cc balance because I transferred the three into just one at a zero percent interest rate. It took 7 months to kill the credit cards and finally be DEBT FREE
except for the house. That felt so great to escape from the bondage and know that I would never go there again! The only thing left then was the mortgage. $77,500 (13 more years) remaining on the mortgage (no heloc or 2nd mortgage, yea). My debt snowball had grown to $1100 EXTRA that I was paying on the principle every month. Before that, I was only paying off $300 of principle each month but now it is $1400 & growing! Add in some tax refund money each year and the House WILL be paid off on 12/01/2012. This will be about 2 years sooner than my original calculation (I thought we would be totally debt free in about 6 years). That will be $100,000 paid off in about 4 years! Then what? A cruise to celebrate our freedom sounds good! The funny part of this whole process is that I keep wanting to fast forward the months so I can pay the next payment. Ever watch the movie Click
? Don't forget to appreciate your family and live a little or you will get in a zombie-like state of mind (kill debt--kill debt...) as the time goes by. Treat your debt like that dog in the movie (Click) treated the stuffed duck--if you know what I mean.
