This is my car and as of February 19th, she’s debt free. We paid the car off in 15 months but we didn’t start making extra payments until August of 2013.
I think it is important to note that those payments were “stupid tax”. We should have never bought this car. Wait, scratch that. We never should have borrowed money to buy this car. We could have saved up for it in less than a year and paid cash, but we didn’t. We vowed to never take out debt again, but we did. It was stupid.
This time, things are different. We cancelled all the credit cards. Our credit is probably pretty terrible since we cancelled all the cards at the same time and stopped borrowing money. Neither of us really care about the credit score. We care about getting out of debt. This is the first step of part 2 of that journey. Step 1 was paying off all the credit cards.
When we put the debt up on the wall back in November, we thought it would take until the end of May to pay it off. We did it 100 days faster than we planned. In celebration of paying off the car, I started a YouTube channel (really going all out huh?) for the site. It’s something I’ve wanted to do for a while so today is the day. You can see how we paid off the car, along with some tips for speeding up your snowball.