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Paid off a debt

July 11th, 2006 at 01:20 am

So I stepped up payments a bit and paid off the student loan my mom took out for me! My mom defaulted on this loan a few years ago. I took over and rehabbed it back to a positive status. Paying $100 per month would have had this paid off next February. I stepped it up to $200, then $250, then just made one final payment for $500 and change. I just got a shocked email from my mother. She gets email notifications of payments and didn't expect such a large payment. I'm not sure she really knew how much was left to pay on the loan. I explained to her that it made more sense to pay less on one of my 0% balance transfers this month and more on the student loan. The money I would have spent on the student loan next month will now go towards my balance transfer. Doing things this way saves me interest.

It feels good to pay something off!

2 Responses to “Paid off a debt”

  1. Broken Arrow Says:

    Awesome!

    I hope to do the same... someday... soon. :-(

  2. kashi Says:

    Congratulations! That's wonderful! (can't wait to pay down my next one myself!)

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