Community Forums

rrtribble · 07-20-2020, 04:18 PM

We've been debt free for almost 20 years but when I bought the new to us 2011 Ellipse I decided to finance a hefty part of the price. The monthly payment fit nicely in our budget and we had agreed to pay it off in a year or two.

As I have been doing some pre-planning for possible full-timing I looked at the interest I was paying each month and quickly got sick to my stomach. Almost a grand a month was interest while they were paying me about a half percent on the same amount. I decided I would pay the DP off now and pay myself monthly as I put that money back into my MMA. DW was in total agreement.

I called my financial institution and in 3 minutes had it paid off

Man what a feeling of relief.

Bank account is much lighter now but we are fine and back to being debt free. They are to mail me my title and release of lien tomorrow.

Thank you Lord - Richard

jacwjames · 07-20-2020, 06:03 PM

You made the right decision, especially since savings account aren't paying anything.

When I bought our coach in 2008 I did take out a loan for ~1/2 the cost but paid it off in less then a year. I mostly wanted to do it for my credit report. Haven't borrowed a dime since and just got done building a new house and just started on my RV garage/shop.

Debt free is a nice way to live if you can afford it.