Comments on: Tell All Tuesday ~ Slowly Forward Edition http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/ Frugal living and debt reduction tips for a better financial future. This is one family's story. Fri, 27 Jan 2012 20:52:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Joe http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50956 Joe Fri, 26 Sep 2008 20:29:47 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50956 I'd pay off the car. You can knock if off quickly and clearing it out of the way will be emotionally satisfying. The interest savings are really pretty small and once the car is paid you can throw some pretty good money at the student loan and it will come down quickly. Good Luck! I’d pay off the car. You can knock if off quickly and clearing it out of the way will be emotionally satisfying. The interest savings are really pretty small and once the car is paid you can throw some pretty good money at the student loan and it will come down quickly. Good Luck!

]]> By: Rob http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50496 Rob Thu, 25 Sep 2008 04:31:56 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50496 Personally, i would kill the car loan. Its a confidence booster. Apply the extra money to the loans after that, and you'll be out of debt before you know it. Great Job! Personally, i would kill the car loan. Its a confidence booster. Apply the extra money to the loans after that, and you’ll be out of debt before you know it. Great Job!

]]> By: Marci http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50392 Marci Wed, 24 Sep 2008 19:21:19 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50392 The seminar is an investment in yourself and your earning potential - so go for it without worry! About the car: If in Oct, Nov, and Dec you pay the minimum $228, that's $684 (less interest) (not much). If in Dec you add that $437 from the defunct student loan, then you are over $1100 paid for the car loan, with only one payment (plus fees) left for Jan. I'd have to say I'd be going for the psychological boost of being done with that car loan also. Plus freeing up that $228/month in case of emergency. After January, you'll be paying an extra $665 off your student loan, and it will shrink rapidly :) Guess it's whatever you two decide. Sometimes the mental boost is worth the lost interest. And there is just not enough that can be said about being out from under that $228 also a month...I'd sure breath easier once that was done! The pressure would be off!!! Good luck! The seminar is an investment in yourself and your earning potential – so go for it without worry!

About the car: If in Oct, Nov, and Dec you pay the minimum $228, that’s $684 (less interest) (not much). If in Dec you add that $437 from the defunct student loan, then you are over $1100 paid for the car loan, with only one payment (plus fees) left for Jan. I’d have to say I’d be going for the psychological boost of being done with that car loan also. Plus freeing up that $228/month in case of emergency.

After January, you’ll be paying an extra $665 off your student loan, and it will shrink rapidly :)

Guess it’s whatever you two decide. Sometimes the mental boost is worth the lost interest. And there is just not enough that can be said about being out from under that $228 also a month…I’d sure breath easier once that was done! The pressure would be off!!! Good luck!

]]> By: Peggy http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50354 Peggy Wed, 24 Sep 2008 16:28:18 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50354 Well, I know you didn't ask for suggestions but I'm gonna give you a couple anyway! LOL I would actually crunch the numbers to see the difference in options. If DH is really excited about it and the cost difference is negligible, go for it. He's expressed a desire for the psych boost and you could probably give it to him for little cost. If it's not negligible than he will have the dollars and cents reason it's better to do it your way. I will also echo what many above said...eliminating that big monthly obligation, even for just the extra 3 months is a good plan. Especially when the other option is tax-deductible interest at a pretty reasonable rate. Peg Well, I know you didn’t ask for suggestions but I’m gonna give you a couple anyway! LOL

I would actually crunch the numbers to see the difference in options. If DH is really excited about it and the cost difference is negligible, go for it. He’s expressed a desire for the psych boost and you could probably give it to him for little cost. If it’s not negligible than he will have the dollars and cents reason it’s better to do it your way.

I will also echo what many above said…eliminating that big monthly obligation, even for just the extra 3 months is a good plan. Especially when the other option is tax-deductible interest at a pretty reasonable rate.

Peg

]]> By: ldub http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50331 ldub Wed, 24 Sep 2008 14:58:50 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50331 i'd go with the car first myself, for these reasons: 1) the car is a depreciating assets - paying those off quickly always seems good to me. 2) the student loans do get a you a tax break, albeit small. 3) you'll free up that car payment money for other debt repayment and could perhaps up your savings each month - say put $200 into the debt snowball and the remaining $28 to your savings account. 4) yay that you have OPTIONS! you've made SO much progress. it's really impressive. i’d go with the car first myself, for these reasons:

1) the car is a depreciating assets – paying those off quickly always seems good to me.
2) the student loans do get a you a tax break, albeit small.
3) you’ll free up that car payment money for other debt repayment and could perhaps up your savings each month – say put $200 into the debt snowball and the remaining $28 to your savings account.
4) yay that you have OPTIONS! you’ve made SO much progress. it’s really impressive.

]]> By: Ashley http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50206 Ashley Wed, 24 Sep 2008 02:42:23 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50206 That is supposed to say a "matter of personal choice" :-D That is supposed to say a “matter of personal choice” :-D

]]> By: Ashley http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50205 Ashley Wed, 24 Sep 2008 02:41:40 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50205 Do you get some of the interest you pay to your student loans back with your tax refund? If so, then it's not as big of a jump from 4% to 7%. Plus, that would be an immediate extra $200 something you can apply each month to your student loan. Although, mostly it seems just a rather of personal choice at this point. Do you get some of the interest you pay to your student loans back with your tax refund? If so, then it’s not as big of a jump from 4% to 7%. Plus, that would be an immediate extra $200 something you can apply each month to your student loan.

Although, mostly it seems just a rather of personal choice at this point.

]]> By: SingleGuyMoney http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50189 SingleGuyMoney Wed, 24 Sep 2008 01:02:18 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50189 You've made alot of progress in reducing your debt. Congratulations and keep up the good work! You’ve made alot of progress in reducing your debt. Congratulations and keep up the good work!

]]> By: WiseMoneyMatters http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50166 WiseMoneyMatters Tue, 23 Sep 2008 23:07:08 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50166 I think you could go either way. Going with the smaller one does give a psychological boost but technically is mathematically worse than going with the higher interest. It all depends on how strongly you can stick to paying off debt. Brandon's point #2 however is definitely a good reason to go with the smaller amount. Heck, it's one of the reasons we have so many foreclosures. People thought they could afford a huge payment until something drastic happened such as a job loss or what-not. Then you end up homeless and with horrible credit. I think you could go either way. Going with the smaller one does give a psychological boost but technically is mathematically worse than going with the higher interest. It all depends on how strongly you can stick to paying off debt.

Brandon’s point #2 however is definitely a good reason to go with the smaller amount. Heck, it’s one of the reasons we have so many foreclosures. People thought they could afford a huge payment until something drastic happened such as a job loss or what-not. Then you end up homeless and with horrible credit.

]]> By: jay http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50155 jay Tue, 23 Sep 2008 22:16:32 +0000 http://www.paidtwice.com/2008/09/23/tell-all-tuesday-slowly-forward-edition/#comment-50155 Is the student loan fixed? That seems to be a huge issue with some people: that their student loans, which aren't fixed and not bankruptable, can balloon out of proportion. If its fixed, and particularly if you get a tax write off, you might want to make it last. Just my 2¢ ;-) Is the student loan fixed? That seems to be a huge issue with some people: that their student loans, which aren’t fixed and not bankruptable, can balloon out of proportion. If its fixed, and particularly if you get a tax write off, you might want to make it last. Just my 2¢ ;-)

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