I have been obsessing about being completely debt free lately. With the economy in such a depressing state and hoping to retire in the next ten or so years I have been reading up on Dave Ramsey. I found this great site by Joel Maxwell who has been following this method and blogging about it. He and his family were well over $500,000.00 in debt and since December of 2005 have eliminated close to $273,000.00. Wow in just two years....just wow! I could pay off our home with less than that.
We would love to have our place paid for when we retire. When your income becomes fixed and you need to purchase your health insurance and all that goes with that, it would be in our best interest to have no mortgage payments and a tidy savings. I know many people who would be one paycheck away from homelessness if they lost their job, had a medical emergency or any number of things. We have been there many times over the years.
We made our final car payment this month and now that money will be directed elsewhere to help us reach our goal.
What are you doing to pay off debt?