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Although not officially done, I consider us done. Our student loan interest rates are 2% and 3.125% which is lower than our mortgage interest rate of 4.75%. I don't believe mortgage interest will ever get that low, so we'd pay less interest overall if we attack the mortgage first.
When we had 2 large credit card debts and a car loan, we did snowball them.
We're so far from paying off debt. I work at it in little bits and pieces. Once one bill is paid in full, I apply that money towards another bill. Sometimes, it seems like the bills never end. Unfortunately, neither DH or I make enough to have enough surplus in our incomes to make any serious headway into the debt, especially with 2, soon to be 3, young kids not even in school yet.
We've long paid off all of our debt (minus our house) and are 100% debt free except for our house loan. No car loans and no credit cards and no student loans. We have our emergency fund (and quite a bit more) and are working on the 12 months worth of bills to have in cash in the bank in case something were to happen and we needed that. Our rule is, if we don't have the cash then we don't get it.
Last edited by SpazTaz; July 17th, 2011 at 03:59 PM.
We are doing the snowball thing. January of 2010 we had 32K in CC debt. As of today we only have 5K left!! I am really proud of us. We are hoping that by the end of the year we will have that all paid off and we'll be debt free!!