Monday, July 30, 2012

Debt update

John and I continue to do an amazing job of not carrying a balance on our credit cards.  I do occasionally make purchases online with my credit card, but we always pay the bill in full.  As a result, we usually have money left over in our checking account at the end of the month, which was unheard of 5 years again. 

We are continuing to make extra payments on our home equity loan every month.  If we continue on this path, we will have the loan paid off in the fall of 2013.  I am both excited and disappointed about the pay-off date.  On one hand, we only have a year left!  On the other hand, I wish we didn't have to pour every penny into that loan for another year.

I swing wildly between wanting to fix-up our house and wanting to sell it.  I don't particularly like our house, but I think we could make it better.  What worries me is fixing up an older home.  I fear that every time we go to fix something, we'll find another problem lurking underneath. Buying a newer house also freaks me out, because if we sell anytime soon, we'll have to take loss on our house.  This translates into not having enough money for a down payment on another house.  Ugh.

But I am getting ahead of myself with all this house talk, because we can't do anything until that damn home equity loan is paid off.  So, be expecting lots of whiny posts about my housing situation next fall.  Until then, we will be working hard at saving money and paying down our debt. 


amanda said...

i totally get this. we did waaaay to much work on our old house. and we didn't make even half of it back when we sold it. but we still made money, which in todays market is considered a win. either way it's crazy hard. the going back and forth. but no regrets friend.

allyk said...

I am envious of your ability to stay so focused on paying down the debts and not having a credit card balance. We are broke and have and huge credit card bill. You keep doing what you're doing. The house issue will answer itself at some point and the market is slowly coming back.

Lainey-Paney said...

Kudos for staying on track!