Tuesday, June 11, 2013

Quick Debt Update

I don't post much about our debt, because there isn't much to say these days.

We don't use credit cards in our day to day life.  But, we do, for our rental properties, occasionally run up the Home Depot credit card, we obtain 0% deals, and then pay it off over time with rental income.  I am happy to report that the $2500, 0% interest, credit card debt incurred in November 2012 has been paid off with proceeds from rent.

Additionally, I was pleased to note that the mortgage balance, for our primary home, is now below $250,000.  The outstanding balance is $248,962.  In two (2) years we have knocked off $25,000 from our principal.  And since our refinance back in September 2012 our progress has accelerated in that so much of what we pay each month goes to principal rather than interest.  The original loan balance was $315,000 and we took the loan out in July 2004.  We refinanced twice, reducing both the term of the loan and the interest rate each time.  

1 comment:

Dwight Groves said...

I use my Home Depot credit card for the same purpose. Pretty neat that you can get 0% interest using the card!

Also, congratulations on the updated loan balance. Seems like y'all are making great things happen!