Category Archives: Debt Reduction
5 Simple Debt Reduction Tips
I like to write about an array of personal finance topics, but my true passion is debt reduction. Tip 1 – Send in credit card payments as soon as is possible. This reduces your average daily balance and total interest charges. Tip 2 – Be both analytical and emotional. Debt reduction requires three things – [...]
First Extra Principal Payment Has Been Sent
A few days ago, I made my very first mortgage payment. It felt so good, today, when I logged on to our mortgage company’s website and saw that the payment has posted. It felt not-so-good to see just how much of our payment was applied to interest – and how little was applied to principal. [...]
The Plan Of Attack – How I Plan To Pay Off My Mortgage Early
My wife and recently purchased our first home. Here is my plan to pay off our 15 year mortgage in 10 years – or less! Opening Fire – We will us online bill pay to make our regular, monthly mortgage payments. I have already scheduled for our monthly payment to be sent from our bank [...]
What Will It Take To Pay Off Our Mortgage Early?
In a few weeks, we will make our first mortgage payment. Our mortgage is a fixed-rate 15 year mortgage. Obviously, I’m not a fan of debt – and I’m going to work very, very hard to pay our mortgage off early. Using a mortgage calculator I calculated the following the scenarios for paying the mortgage [...]
