Wahm Forum - Your "Work-at-Home Moms" Support Group

christina · Tue Jul 03, 2007 4:57 pm Are You Driving Debt?

You might be saying, "Huh? What does Christina mean am I driving debt?"

I'm talking about your car. :wink: Is your car paid off? A little while ago, Rhonda posted a great link to a movie about paying cash for your car (from www.DaveRamsey.com) and it was great. I thought, "Wow! It really is possible."

What a concept in a credit driven society right? Most of us never even pay off our car in the first place. We just jump from car loan to car loan to car loan. It didn't use to be that way even 30 years ago. It's really sad when you think about it.

I was thinking about that this morning and thought I'd bring that up again. It's in the forefront of my mind because a couple of weeks ago I had the thrill of paying off my car! In all my 35 years I've never driven a car that I've paid off. Like the majority of Americans I jumped from being in debt on one car to being MORE in debt on another. It feels SO good to be driving something I actually own. Even though I've had it nearly four years I plan to be driving it for a while and when I get my next car I'll be paying cash for it!! Yay!

Who else isn't driving debt? Let's celebrate this freedom we enjoy!

Happy Independence Day everyone. May it be a fun and safe one for ya. :D

wahmannounce · Tue Jul 03, 2007 7:49 pm

Christina,

Woohooo! It feels great doesn't it? We have both of our vehicles paid off, and we're purchasing a house that we're working to get paid off a.s.a.p. We should have it paid off (God willing) in less than 2 more years.

I don't know about you, but I'm tired of paying half our money to the bank. When you get loans through them, you pay double and sometimes almost triple for the actual cost of the items. Credit card companies are even worse!

Start saving for your next car right now so you won't have to get a loan through the bank :!:

Thanks for sharing this comment, Christina, and reminding us to stay out of debt. 8)

christina · Wed Jul 04, 2007 1:03 am

It does feel great!

WOO HOO!!! Congrats on your home too. That's going to be amazing. :D

master01 · Tue Sep 04, 2007 7:15 am

Nice to hear from you lucky people. Well i want your idea on this...

What is the better course of action? Should I try to get rid of the credit cards first or the car loan?

wahmannounce · Wed Sep 05, 2007 3:03 am

Well,

I will refer you to Christina's "Snowball Method" for eliminating debt because I believe it's a good concept.

Here's the link to her topic:
http://wahm.forumwise.com/wahm-thread1601.html

christina · Sat Sep 15, 2007 3:24 pm

Thank, Rhonda. Master01, you've definitely been steered in the right direction. The snowball method is the most effective method I've seen. I love it because it allows for you to get "quick wins" in your battle against debt. The quick wins keep you motivated forward. It's a wonderful feeling and a great relief to get out of debt.

When I began the year I had about $36k in debt and now I only have about $3k. I'd say the snowball method works beautifully. :wink: