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Paying off the HELOC

May 30th, 2016 at 07:27 pm

We were completely debt, including the house, most of 2013,2014 and most of 2015. Come 2016 and we now have $43K tide up in the HELOC. The majority of it is due to a brand new SUV we talked ourselves into getting. In hindsight, it was the stupidest thing we did. We could've gotten a used SUV and pay cash for it. Aside for the car debt, I also used the HELOC to pay for a portion of our home renovations. Today I was thinking and we are paying 3% interest for the HELOC and getting less than 1% interest from the bank. If we pay the HELOC in full, the emergency fund will still be sufficient to cover any unexpected home repairs or anything not too costly. I will also continue to save as much as I can every month. Needless to say, I'll (we)be paying off the HELOC this week. Don't like it, it bothers me and I simply cannot deal with the debt.

Oh well, we are now paying the consequences of stupidity but looking forward to being debt free and keeping it that way!

1 Responses to “Paying off the HELOC”

  1. CB in the City Says:

    I know, even frugal people like us can make mistakes like that! New cars can seem so desirable!

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