Originally Posted by SwampYankee

Well, it's official. The electronic payments have cleared and I'm completely unsecured debt free.

I've made no secret of my previous financial stupidty ($45K+ credit card and various stupid debt between my wife and I) and while I'm quite embarassed that I let myself get to that point to begin with , it is quite satisfying to finally pay it off. No bailouts, no bankruptcy. Just a long 10+ year process with lots of sacrifice (including a paper carrier route for the majority of that time), often at my family's expense.

Every credit card has a zero balance (several cards have been cancelled), past medical bills paid in full and my Jeep is paid off early. Even though there were only 5 payments left, I wanted to get it paid off so that I can get the title in my hand to sell it. I need to have something that will carry at least 5, if not 6, passengers.

I've been considering paying off my wife's Odyssey. We still owe $10K and because of my crappy credit at the time the rate is over 10%. The math says I should pay it off, I'm just concerned about not having enough liquidity in reserves for a rainy day. I might see if the credit union will refinance at the 5.5% preferred customer used car rate for the remaining 36 months and if they don't just ask for the payoff amount and transfer the money right out of my savings to the loan account. That'd free up about $400/month. Or maybe payoff 1/2 the outstanding balance? I guess I already know the right answer, it's just my pessimistic side bleeding through.

It's been a long, tough road and a huge burden has been lifted. Now I can just stew over all of the money I wasted over the years and what I could have bought with it. I'm now going to be able to put an extra 25-30% towards my mortgage every month and my 401k donation has been upped another 4%.

Now I can begin rebuilding my crappy credit rating, even if for no other reason than personal satisfaction. Thanks for letting me toot my own horn a little, even if it's not exactly something I'm proud of.

Do as I say, kids. Not as I've done!

Originally Posted by Botnst

Good job, Swamp. That's really, really tough to do. I wish more Americans had the self-discipline and ambition to do what you have done. (Not to mention congress).

Originally Posted by SwampYankee

Thanks, Bot. It's been nearly 5 years since the OP and I'm still in the black. Far from comfortable (of course being a pessimist doesnt help) but still out of the hole.