After
years of debt payoff I incrementally increased my savings rate.
We used the Debt Avalanche for the first two
years of our debt payoff, but as of January 1st of this year, we've switched to the Debt Snowball.
Not exact matches
We started with a LARGE amount
of debt, and although we did payoff debt during our first two years on the Debt Avalanche, the overall numbers were still big, and we were starting to get discouraged big t
debt, and although we did
payoff debt during our first two years on the Debt Avalanche, the overall numbers were still big, and we were starting to get discouraged big t
debt during our first two
years on the
Debt Avalanche, the overall numbers were still big, and we were starting to get discouraged big t
Debt Avalanche, the overall numbers were still big, and we were starting to get discouraged big time.
We are nearly at the end
of our three
year debt payoff journey.
Often, investing vs
debt -
payoff boils down to the difference
of a handful
of dollars per
year.
I would suggest a 5 or 7
year term for your loans and then create your
debt payoff plan
of attack so you can knock those loans out even faster!
After settling on the fact that you need $ 500,000 in coverage to repay your mortgage,
payoff your
debts, and replace your income for a specified number
of years, you will need to sit down and settle on which term is right for you.
An option for Kathy would be a possible low cost Term life insurance plan for $ 250,000 with a 20 -
year Term policy which would cover her mortgage and then as the
years go by and the total
payoff on the mortgage goes down and down she can convert her policy into a Universal life policy to cover any
debt for the rest
of her life.
Reductions in mortgage principal
debts through regular amortization played a role, as did refinancings by owners into loan types with shorter terms — mainly 15
years — and faster
payoffs of principal.