Friday, May 29, 2009
It's a happy day because...
This morning I made my last student loan payment! So once it is finished processing, in about 4 days I will be debt free! It feels really good! In about a month or so I am planning on getting a car, so being debt free will not last that long. But I will enjoy the feeling in the meantime!
I realized today when I was logged in to the OSAP website, that they had given me 9.5 years to pay it off!! I ended up doing it in 2.5. Can you imagine if I took 9.5 years to pay it off! Imagine the interest I would of paid...it's crazy to think about it. My mom said this will look good on my credit and she thinks I will be able to get a good interest rate from the bank for a car loan. I am going to go in on my next day off to discuss that.
If there is one piece of advice that I would offer people that are in debt I would say always pay more than the minimum payment they ask of you. Even if you only pay like $10-20 more all that little extra bit adds up. Even when I was living on my own paying rent and bills and everything I would always pay a little bit more, and when I moved back home and was paying low rent and hardly any bills I started paying hundreds more. Just put every extra penny towards it and you can really cut down the time it takes you to pay it off :)