Friday, February 28, 2014

Paid Off!

I recently paid off my car. I bought my Nissan Versa back in February of 2009 brand new for $13,000 after taxes, and it's been 5 years already of paying it off. When my balance got down to around $2,500 I had the idea to pay it off with my Citibank credit card which has a lower interest rate. Plus, the flexibility works better for me. If I'm furloughed from work or don't quite have enough money that month, I can just pay the minimum and not worry. With the car loan there wasn't too much flexibility since it was one set payment every month.



Yay! 5 years later and I now own my car!

The next step is working towards paying off my Citibank card by paying $200 every month. I have a $8,000 balance at Citibank with the rest of the car on there now. I had 3 week Government Shutdown & then a 5 week furlough last year. I had to borrow money to pay bills so my balance got quite high. Now that the car is "technically" paid off I can work towards paying down my credit card. I also always give my tax refund every year to my biggest balance credit cards. So hopefully *fingers crossed* by next year I will be looking at a lot less credit card debt.

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