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11/24/2014

Giving Thanks for Exciting News

Exciting News #1: I paid off one of my credit cards this week!  This was a Lumber Liquidators card that I used to purchase my basement flooring last year for 0% financing.  While it wasn't accumulating interest, it is nice to say "bye-bye" to this debt and snowball payments to my next one.  This leaves just my car loan (which I took out to pay off a high interest Chase credit card) and my Discover card balance!

Exciting News #2: Adam and I calculated that with my last paycheck of the year and the money I'll be earning from tutoring before the end of the year, I should also be able to pay off my entire car loan ($1935).  So, this really leaves only my Discover balance at the end of the competition! 

Exciting News #3: I have 0% interest until June on $2800 of the Discover card balance and 0% interest until December on the other $900, which means if I pay $400 a month, I can have the entire card paid off by August!  Then, I get to snowball all these payments towards my school loans.

Exciting News #4: I have a new roommate, so this means I'll have rent income again! It's so exciting to see the light at the end of the tunnel.  When I began the Project Money challenge, I thought I had 14 years left of student loan payments; now, I'll likely be able to pay it off within 3-5 years (depending on how much I throw towards it each month).  I'm also feeling so much more financially secure in terms of my savings and how I budget my money.  Thank you Summit Credit Union for giving me this opportunity!

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It's so exciting to see the progress you've made toward your goals. Good for you. It's huge to see you reduce your school loan repayment schedule from 14 years to 5 or less.

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