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Finances & Money

Only 2 more months to pay off the Malibu!

Back in January, I told you all that I decided to try to pay off our Chevy Malibu in 8 months or less. How are we doing?

Well, if you check out our debt scale on the right sidebar, you’ll see we only have 22%, or $3,286 left of the original $15,000. That’s about $11,300 paid off in just 5 months!

I have 2 more months budgeted to pay off the remainder of the loan. This past month, paid about $11 in interest on the loan from our credit card. Actually, if we really wanted to close out the loan, we could have it paid off this time next month, but I know we have some other expenses coming up, so I’ll hold off on the final payment until August.

Next up? Paying for a masters degree, a potential adoption (more to come), and figuring out which debt to pay down next. We have 2 student loans, 1 credit card (0% right until November) and my Honda Ridgeline.

I’m still considering whether to sell the Ridgeline, but I’d like to think a bit more before making this big decision. It’s really nice to have a truck as a homeowner, but I’ve only used it for things I couldn’t do with one of our cars about 8 times since I bought the truck last March (2006). I’ll post more about this decision later.

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Clever Dude


  • good for you! i look forward to hearing about the adoption process.

    and don’t worry about the 24 spoilers. i’m sure that there aren’t too many PF bloggers who haven’t been in the states.
    well, actually, now that i’m here, i don’t have a TV. seems that you have to pay for cable to get any reception at all. screw that. we just use the tv for movies.

  • Clever,

    Awesome progress on the debt. It sounds like you started with a similar amount of debt that my wife and I did. It is such a great feeling to cut the chains to the dead weight, isn’t it?

    How much do you owe on the Ridgeline? I am guessing a decent penny since you just bought it a little over a year ago?

  • Happy Rock. It definitely is liberating to pay off debt!

    As for the Ridgeline, we owe about $23,000. This was from an original $33,000 that I paid for the truck, extended warranties, taxes, tags, etc. in March 2006 (about 15 months ago). So since last March, we’ve decreased our vehicle debt by over $25,000 (don’t know what we owed on the Malibu in March 2006).

  • […] and debt reduction. We’re hustling along on our own path of freedom from debt, starting with paying off our Chevy Malibu, so I’m definitely interested in what others are doing, or have done, to throw those debt […]

  • Everything seems to be falling into place for you. Congrats!

    I’m on the beginning leg of my journey. Just got out of Undergrad, just got a job, and as of last month, just made my first car payment with a LOOOOOTTTT more to come.

  • Boy, I know the feeling of not having car payments and I miss it.
    I didn’t have till 3 years ago, but stuff always comes up and I ended up with 2 car loans.
    Trying to payoff one of them this year and the other next year. Wish me luck.

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