Part 2: Watch Me Knock Out $5000 In Debt (Case Study Series)

in-debt-2aPart 2 of Case Study Series

If you’ve been following the blog lately, you’ll notice that I took on another personal challenge to take on $5000 worth of debt to invite you to look over my shoulder on how I put debt busting on steroids.  It’s my way of helping others like you get out of debt so that you can lead a more fulfilling life.  This is the second part of the Case study where I tackle the debt with another payment and good info. that you can follow along. Check out my first post on the case study of the “Watch Me Knock Out $5000 In Debt (Case Study) “series.

 

Like I mentioned before, it’s the kind of information big credit card companies and loan officers just don’t want you to know.  Keeping you in the dark and in Debt can be some of the many tactics creditors use to keep you in serious debt and their profits high –it’s time to change all that.  How to achieve Financial Freedom! is one of my personal goals and it should be yours too. 

 

Staying in debt and living a mediocre life is for a life of those not so sophisticated. It’s time to take back the reigns and pull back the curtain to getting out of debt for good, so without further wait, let’s get started on the 2nd part of this series.

 

Tackling Debt Payment #2 of the $5000 Loan

In my last series of knocking out debt, my running balance of the loan is now down to $4,034.00.   I noted that mentally from the last time and you should also note that my payments were just over $400 because I set the term of the loan to a 1 year one payment.   A couple of caveats and notes here:  By reducing the term of the loan, my payments were higher, however, the loan term is a lot shorter getting you out of debt quicker.  You should balance or refinance any of your loans this way with what you can afford that can cut debt faster.

 

In any case, I wasn’t able to come up with another $1000 payment to apply to the 2nd payment like the 1st payment.  However, I was able to apply $500 straight to the loan with the balance going to the unscheduled payment.  Although, you might be not to impressed with this payment, it still gets the job done.  (1) It pays the 2nd payment (2) It cuts interest of the term of the loan with the extra payment (3) It once again cuts the original principal which is a great mind booster.

 

Here’s the original receipt (sorry about the resolution as it’s a bad copy from my picture phone). 

 in-debt-2

 

You should note that I’m completely on schedule to get this paid off way ahead of schedule.  I’ve looked at cash flow and may be able to effectively double up on the next payment.  In any case, make sure to stay updated by signing up to the RSS feed and you’ll never miss a post.

 

I encourage any questions or feedback by commenting and sharing this post.

 

Let’s just say that I needed $5000 to clear up another short term, personal loan I had with another institution.  Here’s where you should listen.  I got financing for $5000 to upgrade my share of personal real estate I owned that would improve myself and my wife’s lifestyle a bit. 

 

Also, grab your complimentary  original Financial Blueprint  to debt busting strategies and wealth building if you haven’t already to keep yourself on track.

 

Pay it down Debt Balance     $5000

                                            $4,032

                                           $3,549.11

Tags: , , ,

Category: Debt Freedom, Financial freedom

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    Thanks for the feedback, I get alot of my ideas through readers like yourself.

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