Debt Reduction, Mortgage

Paying Off Our Mortgage – Update With Chart May 2015

Whew!  We have had a busy few months – but I’m back with an update on our progress to payoff our mortgage.  For those new to the site – We have a fixed, conventional, fifteen-year mortgage. Our goal is to pay it off in less than 10 years. Our progress for the first five years was decent – and we managed to reduce the length of our mortgage by 7 months! I use a simple pie-chart to track our progress – and post our updates here at No Credit Needed. Having a visualization keeps us motivated! Here’s a chart with details for our current progress – The percentages above represent the amount of our mortgage we have paid – 30.74%…

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Debt Reduction

We Paid Off Our Credit Card Debt Using This Strategy

Micro-Payments That’s how we paid off our credit card debt. Back in 2005, my wife and I created our debt reduction plan.  Fans of Dave Ramsey, we established a mini-emergency fund and then we set to work on our debt snowball. We were locked-in and focused – ready to get out of credit card debt.  Rather than send just one extra payment, we made several micro-payments, throughout the month. This kept us connected to the debt reduction process.  Watching our credit card balances drop really kept us motivated. Each month – we followed the debt snowball list – and made minimum monthly payments to all of our creditors. We would then send an extra, principal-only payment to the first account…

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Credit, Debt Reduction

What To Do After You Pay Off That Credit Card

You have selected and begun to execute your plan for getting out of debt – and you have just paid off that first credit card debt. You are awesome! Paying off that first account is an important milestone.  There’s a tremendous feeling of satisfaction which accompanies the completion of any worthy goal.  Take a while to enjoy the success – and then get pumped to move on to the next step in your plan. Before you move too fast, however, check one thing – the next monthly statement from your credit card company.  You may be in for a surprise. Even though you paid your balance – in full – you may still owe some residual interest. Most companies charge…

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