No More Car Payments: I Paid Off My Car & Am On My Way to Debt Freedom
No More Car Credit for Me -- Ever!
Auto Loan Paid Off 18 Months Early!
My car loan wasn’t due to be paid off until August of 2010. I paid it off in February of this year — a full 18 months early. What made me decide to do it?
As a freelance writer, my income is up and down. I had had a particularly lucrative few months and my auto payment was only $211 per month (not bad when you consider that the average car payment for Americans is $400). While paying off the car was a stretch financially, I decided that if I just closed my eyes and did it, I knew I wouldn’t regret it.
Usually, I save chunks of money for dry spells. But I said if I was going to get serious about getting out of debt, this was a good monthly bill to knock out, as it was the biggest monthly bill I had besides my mortgage.
How Having No More Car Payments Inspired Me to Get On the Road to Debt Freedom!
And, I’ve never regretted it. In fact, it motivated me to start vigorously paying down other debt. After that, I paid off a $4,000 Visa bill and this month my student loan will be paid off — I graduated college almost 20 years ago and always just paid the minimum.
Paying off my auto loan was one of the best decisions I’ve ever made — and one of the best birthday presents I’ve ever given myself!
LB-
Atlanta!
P.S.: From NoCarCredit.com Editor — Have an inspiring story like this? Send it in and share it with our readers (NoCarCredit {at} live dot com).