With our regularly monthly payment on January 31st, and an additional payment we scheduled for February 4th, we completed our debt consolidation plan.
But even as that final withdrawal was taken from our account, I didn't cue the trumpets just yet. I wanted to see all my creditor balances at zero. On Friday, February 7th our payments had all posted, and we were officially DONE, and $109,000 of credit card debt was officially GONE.
Cheering crowds and trumpets, you may proceed.
Our program was originally to take exactly five years, which would have meant our last payment would have been June of 2014. As the program progressed, and I updated our balances each month, the tools re-adjusted to target our February payment. In early January we refinanced our mortgage. The way the timing worked out with our refinance, we didn't have a mortgage payment in February which allowed us to put those extra funds towards our debt consolidation program and finish early.
So now that we're done, what's next?
One thing I can tell you for sure is that I'm not going anywhere. We've completed our debt consolidation program, but there's more work to be done to get our finances exactly where we want them.
You'll continue to find blog posts from me each week here in the community focusing on the following subjects:
Ways to Save Money: It's a habit, and we're hooked. If I find a great way to save money, you'll all get to read about it.
Paying off Debt: We still have debt that we want and need to pay off that was not included in the program.
College Funds: Our kids are now 15 and 11, and are looking to go to college one day. We want to help them get a college education and start their adult lives debt free. Being able to start college funds for them and consistently contribute to them is going to be a challenge!
Saving for Retirement: We had to stop contributing to our retirement accouts to focus on our debt consolidation program. Now that the program is complete, we need to play catchup to make sure we're ready to retire someday.
So, essentialy, all the same subjects you're used to reading about from me. But most of all, I want to stick around to cheer all of you on as you work towards your own finish line. I may even learn how to play the trumpet!
Travis is a contributing writer for the A Straight Talk on Debt blog. He is also a very active member of the CareOne community forums. Travis is currently enrolled in a CareOne Debt Management Plan (DMP). Travis candidly shares his personal journey to pay off his debt and the tips he's learned along the way. As a father and husband he provides a unique perspective on balancing debt, finances, and family in Minnesota. You can also read more from Travis on the Enemy of Debt blog, where he is a featured blogger. Compensated Blogger for CareOne Debt Relief Services.
To connect with Travis on Google+ click the Travis Pizel
You can follow Travis on Twitter @DebtChronicles