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Debt below 10k !!

April 7th, 2009 at 12:51 pm

On the cusp of a minor milestone...

my current debt level is approx 11300 - with 4 yrs left to pay.

Well last Friday, I got approval from a Bank for a loan of 9300 over 18 months. This will enable me to achieve my goal of being debt-free by the end of 2010.

I've closed a savings account to provide the 2000 difference. So, when I get the original loan paid back in the coming weeks, my debt level will be at 9300 !!

I also still have 2000 put aside as a mini - emergency fund.

I'll start building the EF up to 15000 when I get the 9300 paid back...

Real progress is being made !! :-)

8 Responses to “Debt below 10k !!”

  1. creditcardfree Says:

    Congrats!!

  2. fruitbowlk Says:

    Great

  3. Ima saver Says:

    Good for you!

  4. Broken Arrow Says:

    Congrats!

  5. whitestripe Says:

    well done! and good idea on having the mini emergency fund Smile

  6. Apprentice Bliss Hunter Says:

    Thanks guys...

    whitestripe - yeah, it was kinda tempting to contribute the EF to debt repayment so my balance would be 7300 - but then if anything happened, I'd have no alternative to expensive CCs ...

  7. Petunia Says:

    Congratulations!

  8. Amber Says:

    Way to go, I can not wait to hear that I'm debt free scream

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