Debt Free in 2007 - Did you make it?

[delmar411]

I plan to go over to the 2008 thread and follow along. After today, we have 1 more loan to pay off (an interest free loan--hope to have it done in 7 months. )

Since we are approaching retirement in less than 5 years, our goal for 2007 was to pay off our mortgage (we set this goal 5 years ago and it has been a long time coming!).

Today is the day. We just paid off our mortgage!


-DC

Wow that is FANTASTIC!!!! WTG on hitting that MAJOR milestone!!!

 

[isyt]

I plan to go over to the 2008 thread and follow along. After today, we have 1 more loan to pay off (an interest free loan--hope to have it done in 7 months. )

Since we are approaching retirement in less than 5 years, our goal for 2007 was to pay off our mortgage (we set this goal 5 years ago and it has been a long time coming!).

Today is the day. We just paid off our mortgage!


-DC

Thats incredible !!!! I hope to do the same in about 15 years or less (but I still won't give up my Disney vacations!). Great job!!

 

[MagicalMom]

I plan to go over to the 2008 thread and follow along. After today, we have 1 more loan to pay off (an interest free loan--hope to have it done in 7 months. )

Since we are approaching retirement in less than 5 years, our goal for 2007 was to pay off our mortgage (we set this goal 5 years ago and it has been a long time coming!).

Today is the day. We just paid off our mortgage!


-DC

That is great!!!

I think anyone who still wants to post here should. Some of us are still hoping to accomplish a lot before the end of the year.

 

[MagicalMom]

We almost made it. We just have a couple thousand in credit cards & about 1000.00 in student loans left. We are hoping to have it paid off by March or April. How did everyone else do?

 

[ohiominnie]

We didn't make it. Still have that home equity loan to pay off.
But the good news is that by paying off most of our debt, we were able to help a few people in need when they hit some hard times. So it was nice to not worry about car payments and DVC payments and "would we make it this month" when deciding what to do to help!

 

[jenm2878]

We didn't make it, but I didn't expect to. We made a nice dent in our debt though. Credit cards are paid off, DH's truck got paid off, my car loan is down $3,500 and LOC down $3000. Overall we're down around $17,000 in debt.

We still have the house, two LARGE student loans, my car loan and the LOC. My goal for 2008 is to mostly get rid of the LOC and to continue to pay down the car loan while putting more in savings. I would LOVE to buy DH's next truck in cash, but we'll see how it goes. My car is on a six year loan but I'm trying to make it three. The LOC is on a 15 yr loan but I'd like it to be less then 5 years.

I also opened a Roth IRA and DH is maxing out his 401k. I am eligible to start contributing to my 401k this year (changed jobs and there is a waiting period) so I hope to max mine out as well and continue contributing to the IRA.

 

[isyt]

I am so excited and I made it!!! Dh pay check was in the bank this morning and he had a nice bonus. Christmas was paid off and the 1 cc I have been paying down is now paid off!!! Now I have no debt except the mortgage. I will be uping the college funds and more on the mortgage. My big hope is not to run up the cc again!! I think I will take hubbies cc away.

 

[MagicalMom]

Congrats Isyt! That must be such a great feeling!

 

[tomthebarncat]

We have been debt free for our entire 7 year marriage, as I don't believe in it. We do not own a house, no kids, make good money and paid cash for the 4 good used cars that we have purchased, and we pay off the credit card every month. I did bite the bullet and pay off the animal hospital bill, it is in Euros and I put it on my US credit card. The exchange rate will bite me in the butt, but I wanted to start the new year off not owing anyone a cent. I do have a student loan, that is down from 32,000 to 2,900, but I do not consider that a debt. I have paid it down in 4 years and I am keeping it until our taxes are done in March. I will then use the refund to pay it off. Got to love a country that I don't even pay US taxes but I still get a refund due to the interest on my student loan. Don't flame me about the tax laws flame the gov't as they are the ones that make the laws!! I was tax exempt for working outside the states, but my new job is subject to German taxation. That will be interesting to see what happens in May when I meet with my German tax attorney.

 

[stemikger]

First let me congratulate everyone. It is a great way to start off the new year. I am debt free except for the house. I did have a few set backs, but I still made it.

I had car trouble where I had to put $2,000 into the car, but it is now paid off.

I also had an extra $2,600 to put towards the principal of $71,500 I owe towards my mortgage, but my financial advisor talked me out of it. Instead I put it toward my IRA.

So now that I'm not going to pay off my mortgage sooner, just sending the regular payment will have it paid off in 11 years. I will build up my IRA instead.