I would just like to take a moment to celebrate an accomplishment: I mailed the check this morning to pay off my SELF 3 loan!
This is the smallest of four SELF loans and a Wells Fargo educational loan that I have out, so it's not like I'm debt free or anything, but I have accomplished a task that was daunting nonetheless. It's been very gratifying to see my monthly payments go down as I send them money as well. In addition, Wells Fargo lowered my interest rate because I have made 36 on-time payments. I did not know that this was an option, but I dig it. I thought my interest rate was lower than it was, anyway, so now I'm about where I thought I was already, but it's still good.
Overall, I feel like a rock star, and all I can say is WHOO HOO!!
Posted by LoWriter at August 8, 2007 07:29 AMHOORAY!!!!!!!
Posted by: Ben at August 8, 2007 07:54 AMWas the SELF3 on your list of 1001 things? Are you doing the whole snowball thing towards your debt? Pay off the smallest one first and then use that monthly payment money to apply to the next smallest debt and so on.
Posted by: jeff at August 8, 2007 08:52 AMOh, I see it is on the list. Scratch that... _was_ on the list. Nice work.
Posted by: jeff at August 8, 2007 08:54 AMThanks! I am very excited about it.
I think I am going to create a dedicated blog to the list and link to it when I'm referencing items I've completed. That's just my thought, though.
You are right; the plan is to snowball from the smallest loan to the largest loan so that my payments will count for more each month. I suppose that in the long run, it doesn't make much difference because the SELF 3 was the one that had a higher interest rate while the rest are all at the same interest rate. But it helps me to cross one off at a time. Keeps me focused and makes me feel like I'm accomplishing something. :)
Posted by: Lo at August 8, 2007 10:46 AMCongrats!! That's a great accomplishment! I can't wait until my car loan is finally paid off in December, though it will just be paid off on time, it's a great thing to accomplish!
Posted by: 10lees at August 8, 2007 03:24 PMYou are a freakin' rock star and I'm jealous of your fabulous rock star life. :)
Posted by: at August 8, 2007 10:04 PMoh, that was me, by the way. :)
Posted by: mel at August 8, 2007 10:05 PM