Comments on: Changing Gears on Our Debt Repayment http://www.cleverdude.com/content/changing-gears-on-our-debt-repayment/ Family, Marriage, Finances & Life Sat, 11 Feb 2012 13:09:32 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Susy http://www.cleverdude.com/content/changing-gears-on-our-debt-repayment/comment-page-1/#comment-27617 Susy Thu, 21 Aug 2008 12:04:51 +0000 http://www.cleverdude.com/?p=1056#comment-27617 Here Here! Mr Chiots and I are currently focused on paying down our mortgage before our car loans because the interest rate is higher and we would save more in the long run. We are fortunate that we bought a cheap house in an area that has a slow steady increase in real estate values. We have lived here for 6 years and trying to have it paid off in 3 years, which is also when the cars will be paid off as well. We decided to hit the house first for security reasons. If we pay it off, we won't have a mortgage payment each month, we'll be able to save that money for retirement, house fix-ups, etc. Since we're self-employed, not having to make a huge mortgage payment would be such peace of mind if business isn't going well for the month! Kudos to you guys for admitting your financial follies and trying to make a change - too many people throw up their hands or just stick their heads in the sand and don't admit it or do anything about it! PS- I'm so glad I don't live in DC! We bought a small 2 bedroom home, with a 3 car garage and an unfinished upstairs (that will someday be 2 bedrooms and a bathroom) for $108,000, and it's in a private gated lake community, we are surrounded by woods on 3 sides. I couldn't bring myself to spend what you guys did on a house - I suppose that's why I live in rural Ohio, and not somewhere else! Here Here! Mr Chiots and I are currently focused on paying down our mortgage before our car loans because the interest rate is higher and we would save more in the long run. We are fortunate that we bought a cheap house in an area that has a slow steady increase in real estate values. We have lived here for 6 years and trying to have it paid off in 3 years, which is also when the cars will be paid off as well. We decided to hit the house first for security reasons. If we pay it off, we won’t have a mortgage payment each month, we’ll be able to save that money for retirement, house fix-ups, etc. Since we’re self-employed, not having to make a huge mortgage payment would be such peace of mind if business isn’t going well for the month!

Kudos to you guys for admitting your financial follies and trying to make a change – too many people throw up their hands or just stick their heads in the sand and don’t admit it or do anything about it!

PS- I’m so glad I don’t live in DC! We bought a small 2 bedroom home, with a 3 car garage and an unfinished upstairs (that will someday be 2 bedrooms and a bathroom) for $108,000, and it’s in a private gated lake community, we are surrounded by woods on 3 sides. I couldn’t bring myself to spend what you guys did on a house – I suppose that’s why I live in rural Ohio, and not somewhere else!

]]> By: Emily http://www.cleverdude.com/content/changing-gears-on-our-debt-repayment/comment-page-1/#comment-27616 Emily Thu, 21 Aug 2008 11:46:33 +0000 http://www.cleverdude.com/?p=1056#comment-27616 Excellent decision! Good debt, bad debt... with the economy the way it is, it feels like any debt is bad debt. Tax write off or not, it's costing you money and it needs to go. My husband and I are in a similar situation. Only difference is, we are dealing with a second mortgage on a home we couldn't sell after we purchased the home we're currently living in. Yeah. Two homes, three mortgages, and falling home values make for a big mess! We are attacking the second mortgage on our rental because we are upside down on that house and we have a refinance coming up in 2010 (plus we are losing money on that thing every month). We also live in the DC Metro area, but on the VA side. Hopefully the housing prices will pick up in a year or two, but I think our best bet is to hunker down and pay off these home loans. I know I'll sleep better at night! Excellent decision! Good debt, bad debt… with the economy the way it is, it feels like any debt is bad debt. Tax write off or not, it’s costing you money and it needs to go. My husband and I are in a similar situation. Only difference is, we are dealing with a second mortgage on a home we couldn’t sell after we purchased the home we’re currently living in. Yeah. Two homes, three mortgages, and falling home values make for a big mess! We are attacking the second mortgage on our rental because we are upside down on that house and we have a refinance coming up in 2010 (plus we are losing money on that thing every month). We also live in the DC Metro area, but on the VA side. Hopefully the housing prices will pick up in a year or two, but I think our best bet is to hunker down and pay off these home loans. I know I’ll sleep better at night!

]]> By: Jerry http://www.cleverdude.com/content/changing-gears-on-our-debt-repayment/comment-page-1/#comment-27614 Jerry Thu, 21 Aug 2008 11:16:44 +0000 http://www.cleverdude.com/?p=1056#comment-27614 This is amazing! This is amazing!

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