May 25th, 2006
It’s been a week since this happened but I’ve been tied up with a couple of projects and didn’t have much time to say anything. Now I’ve got some breathing room though and all I have to say is damn it feels good to pay off loans.
Those of you that know me well enough know that for the last 3 years I’ve had two bank loans — one for my car and one for my computer equipment. Last October I closed out the car loan. That loan was eating away at $575/month of my income and was a 5 year loan. As with all my previous loans, this one was closed before the final payment — only by four months but still, that’s four months.
The loan for my computer equipment was only a 4 year loan and was draining about $211 from my account per month. All-in-all that’s not too bad but it’s still $211 and a bank loan looming over my head. After making loan payments for the last 5 years I’d had enough so last Monday was d-day.
I had been saving up 10% of each payment I received for the last two months while still maintaining my regular payment schedule for my credit cards, loan and other household bills. Two weeks ago I finished some projects for a couple clients for some nice bank and started doing the math.
After all my calculations and figuring I knew it would be tight but really, really wanted to be rid of this loan. I’m not sure what it was but this year I’ve been making a major push to get rid of as much debt as possible. I don’t like it and I don’t like living off of credit.
Of course, the math I did was a bit off — which is standard operating procedure for me — and I have been living off of $50 for the last week and a half. My solace is knowing that all of my bank loans are totally paid off — now it’s just that pesky credit card and line of credit I have to deal with.