On The Verge Of Being Debt Free

Last modified on July 3rd, 2009

I’ve slowly been chipping away at my loans these last few years, hoping for that day to come when I’ll be debt free. My net worth is positive, thanks to some RRSPs and the down payment I put into my car, but having debt hanging over your head obviously kind of sucks. I have a little spreadsheet that sort of tracks where I’m at. In April of 2008 I owed around $25,500 in both student loans and car loans. At my peak, I had around $40,000 worth of student loans, a fairly hefty debt load by anyone’s standards.

Back in January I finally paid my car off. The payments on that were $400 per month, so it was nice to have that money back in my pocket each month (and somewhat of a necessity for moving back to Chilliwack). The current value of all my loans today is around $11,500, which means I killed nearly $14,000 of debt this last year.

The good news is that I’m actually only a month or two away from getting rid of that last chunk. I have a bit of a rainy day fund going that I set aside in case we ever ad a few dry months at BraveNewCode. Thankfully that doesn’t seem to be the case, so I’m going to put some of it on my student loan. With any luck I’ll have it completely paid off either at the end of this month, or hopefully no later than next month.