Comments on: Get out of Debt Faster – No More Excuses! http://www.debtfreeadventure.com/get-out-of-debt-extra-payments/ Debt Credit & Personal Finance | Bible Help Sat, 31 Jul 2010 16:08:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: FOCUS On The Debt Snowballhttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-9682 FOCUS On The Debt Snowball Thu, 03 Jun 2010 09:49:05 +0000 http://www.debtfreeadventure.com/?p=3389#comment-9682 [...] debt snowball (a post with great examples) is used to utilize the Extra money you have in order to pay down [...] [...] debt snowball (a post with great examples) is used to utilize the Extra money you have in order to pay down [...]

]]> By: Compound Interest Savings - When Does it Pay Off?http://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-6277 Compound Interest Savings - When Does it Pay Off? Wed, 13 Jan 2010 10:52:05 +0000 http://www.debtfreeadventure.com/?p=3389#comment-6277 [...] I know is the sooner we get out of debt and get started investing, the sooner we will be able to watch our capital work for us instead of [...] [...] I know is the sooner we get out of debt and get started investing, the sooner we will be able to watch our capital work for us instead of [...]

]]> By: Emily’s list: Children’s Day edition : Citi Credit Cardshttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4840 Emily’s list: Children’s Day edition : Citi Credit Cards Sat, 05 Dec 2009 17:58:56 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4840 [...] Debt Free Adventure tells us how additional debt payments can significantly help you accelerate your debt reduction [...] [...] Debt Free Adventure tells us how additional debt payments can significantly help you accelerate your debt reduction [...]

]]> By: Matt Jabshttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4548 Matt Jabs Tue, 24 Nov 2009 05:45:02 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4548 Thanks a ton Jeff... I glad you found it helpful - I know I did! Make sure to rate it on Google. Thanks a ton Jeff… I glad you found it helpful – I know I did! Make sure to rate it on Google.

]]> By: The Katana: Nobody Really Cares More About You Than You 11/23 | Financial Samuraihttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4497 The Katana: Nobody Really Cares More About You Than You 11/23 | Financial Samurai Sun, 22 Nov 2009 14:40:54 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4497 [...] * “Get Out Of Debt – Extra Payments” from Matt highlights his fervent passion to stop messing around and make extra payments.  Matt put together a simple spreadsheet for those who’d like to track their mortgage & interest breakdown. [...] [...] * “Get Out Of Debt – Extra Payments” from Matt highlights his fervent passion to stop messing around and make extra payments.  Matt put together a simple spreadsheet for those who’d like to track their mortgage & interest breakdown. [...]

]]> By: Weekly Reading 11/21 | Money Under 30http://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4474 Weekly Reading 11/21 | Money Under 30 Sat, 21 Nov 2009 17:05:02 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4474 [...] short but important article showing the power of making extra debt payments. (Debt Free [...] [...] short but important article showing the power of making extra debt payments. (Debt Free [...]

]]> By: Wednesday Trends in Credit Cards & Debt | Credit Karma Bloghttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4391 Wednesday Trends in Credit Cards & Debt | Credit Karma Blog Wed, 18 Nov 2009 19:18:07 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4391 [...] Get out of debt faster - no more excuses! Debt Free Adventure does the number-crunching to show you how a little repayment can add up to a lot. [...] [...] Get out of debt faster – no more excuses! Debt Free Adventure does the number-crunching to show you how a little repayment can add up to a lot. [...]

]]> By: Jason @ RedeemingRicheshttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4379 Jason @ RedeemingRiches Wed, 18 Nov 2009 16:02:46 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4379 Sometimes we need to see the simple things on paper to understand its power! It's hard to believe that $50 or $100 a month will make that much difference - but you are talking thousands of dollars in savings that gets knocked off by just making some simple sacrifices.Great stuff! .-= Jason @ RedeemingRiches´s last blog ..<a href="http://feedproxy.google.com/~r/RedeemingRiches/~3/TKW0VGlFgtc/" rel="nofollow">Is Retirement Biblical? (Part 1)</a> =-. Sometimes we need to see the simple things on paper to understand its power! It’s hard to believe that $50 or $100 a month will make that much difference – but you are talking thousands of dollars in savings that gets knocked off by just making some simple sacrifices.

Great stuff!
.-= Jason @ RedeemingRiches´s last blog ..Is Retirement Biblical? (Part 1) =-.

]]> By: Kevin@OutOfYourRuthttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4378 Kevin@OutOfYourRut Wed, 18 Nov 2009 15:42:05 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4378 Matt--convincing graphic with the numbers. You can actually see what a differnce a little bit can make. Best benefit of all, no loans in less time. It has to feel great.You're getting edgier in your advancing age. You have the conviction of a convert! Keep it up! .-= Kevin@OutOfYourRut´s last blog ..<a href="http://outofyourrut.com/blog/2009/11/18/envision-a-future-without-debt/" rel="nofollow">Envision a Future Without Debt</a> =-. Matt–convincing graphic with the numbers. You can actually see what a differnce a little bit can make. Best benefit of all, no loans in less time. It has to feel great.

You’re getting edgier in your advancing age. You have the conviction of a convert! Keep it up!
.-= Kevin@OutOfYourRut´s last blog ..Envision a Future Without Debt =-.

]]> By: Financial Samuraihttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4367 Financial Samurai Wed, 18 Nov 2009 05:29:45 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4367 Nice Matt! I like the conviction and intensity you have! You're right, you're not going to miss the extra $25, nor will you miss the mortgage payment when it's done years early! .-= Financial Samurai´s last blog ..<a href="http://feedproxy.google.com/~r/FinancialSamurai/~3/EV2QBkfkj7g/" rel="nofollow">The Katana: Favorite Posts of The Week Ending 11/15</a> =-. Nice Matt! I like the conviction and intensity you have! You’re right, you’re not going to miss the extra $25, nor will you miss the mortgage payment when it’s done years early!
.-= Financial Samurai´s last blog ..The Katana: Favorite Posts of The Week Ending 11/15 =-.

]]> By: JerryBhttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4364 JerryB Wed, 18 Nov 2009 02:54:36 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4364 Like Lynn above, I had to contact my Car Loan Company every *explitive deleted* month to get the extra applied to the principal. I finally took money out of my e-fund and paid the whole thing off. Fortunately I had built up a sizable e-fund that is still overweight. Like Lynn above, I had to contact my Car Loan Company every *explitive deleted* month to get the extra applied to the principal. I finally took money out of my e-fund and paid the whole thing off. Fortunately I had built up a sizable e-fund that is still overweight.

]]> By: Lydia aka Ms. MoneyChathttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4359 Lydia aka Ms. MoneyChat Tue, 17 Nov 2009 22:17:00 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4359 amazing how a little goes a long way. .-= Lydia aka Ms. MoneyChat´s last blog ..<a href="http://mymoneychat.blogspot.com/2009/11/most-dangerous-cake-recipe-in-world.html" rel="nofollow">Most Dangerous Cake Recipe in the World!</a> =-. amazing how a little goes a long way.
.-= Lydia aka Ms. MoneyChat´s last blog ..Most Dangerous Cake Recipe in the World! =-.

]]> By: Lynnhttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4358 Lynn Tue, 17 Nov 2009 21:52:45 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4358 Student loans are the biggest offender in the not paying extra toward principal. I had numerous fights with my husbands student loan company because I just didn't understand the bills when I was paying extra on his loan. Turns out I had to write a letter stating to remove the "pay ahead" status on his account in order for it to be paid to principal. It was even shocking to me when I did that and 2 months later the extra money was not being applied to principal. When I called to question why the payment wasn't applied to principal again they told me I had to write to permanently remove the "pay ahead" status. WHAT? What was the point of writing the letter in the first place - to have the extra money only applied to principal for 1 month? Needless to say I wrote a letter with all the words in 12 font except the word permanently which was in 50 font and in all capitals. Seriously ridiculous.Now that my rant is over, I just wanted to say thanks for the reminder - I always tell myself that an extra $25 won't make a difference but it really does!!!! Student loans are the biggest offender in the not paying extra toward principal. I had numerous fights with my husbands student loan company because I just didn’t understand the bills when I was paying extra on his loan. Turns out I had to write a letter stating to remove the “pay ahead” status on his account in order for it to be paid to principal. It was even shocking to me when I did that and 2 months later the extra money was not being applied to principal. When I called to question why the payment wasn’t applied to principal again they told me I had to write to permanently remove the “pay ahead” status. WHAT? What was the point of writing the letter in the first place – to have the extra money only applied to principal for 1 month? Needless to say I wrote a letter with all the words in 12 font except the word permanently which was in 50 font and in all capitals. Seriously ridiculous.

Now that my rant is over, I just wanted to say thanks for the reminder – I always tell myself that an extra $25 won’t make a difference but it really does!!!!

]]> By: Matt Jabshttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4356 Matt Jabs Tue, 17 Nov 2009 21:17:58 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4356 Ha! My clothing budget doesn't renew until December 1st... I'll get my Carhartt off layaway after that. :-)I live in Michigan... houses are dirt cheap because nobody has a job to buy one! Seriously though... the $100,000 is more of <em>starting off point</em> to show the power of the calculation. Ha! My clothing budget doesn’t renew until December 1st… I’ll get my Carhartt off layaway after that. :-)

I live in Michigan… houses are dirt cheap because nobody has a job to buy one! Seriously though… the $100,000 is more of starting off point to show the power of the calculation.

]]> By: Jeff @ Sustainablelife bloghttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4355 Jeff @ Sustainablelife blog Tue, 17 Nov 2009 21:09:45 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4355 Matt, Great post, accept you must live in an area with cheap housing. 100k will do you alright where I live, but I know it wont get you very far everywhere. IT's great to see how long you'll be shackled by your home if you buy now and your potential savings if you can add just a bit of extra money. Great tip from FreemyInterest as well. I've heard of banks doing that sort of stuff instead of applying the amount to the principal only. I also understand how you get addicted to saving money and cutting expenses...by the way, have you picked up your carhartt jacket yet?Jeff .-= Jeff @ Sustainablelife blog´s last blog ..<a href="http://sustainablelifeblog.com/2009/11/16/the-high-cost-of-being-a-moron/" rel="nofollow">The High Cost of Being a Moron</a> =-. Matt,
Great post, accept you must live in an area with cheap housing. 100k will do you alright where I live, but I know it wont get you very far everywhere. IT’s great to see how long you’ll be shackled by your home if you buy now and your potential savings if you can add just a bit of extra money.
Great tip from FreemyInterest as well. I’ve heard of banks doing that sort of stuff instead of applying the amount to the principal only.
I also understand how you get addicted to saving money and cutting expenses…by the way, have you picked up your carhartt jacket yet?

Jeff
.-= Jeff @ Sustainablelife blog´s last blog ..The High Cost of Being a Moron =-.

]]> By: Matt Jabshttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4351 Matt Jabs Tue, 17 Nov 2009 19:09:28 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4351 I know! Once you put your debt repayment plan on autopilot, it is so nice to just kick back and watch it work.And actually, I get antsy... and want to effect further change, so I start cutting more expenses to make my debt melt away faster & faster. It's addictive, but in <em>such</em> a good way! I know! Once you put your debt repayment plan on autopilot, it is so nice to just kick back and watch it work.

And actually, I get antsy… and want to effect further change, so I start cutting more expenses to make my debt melt away faster & faster. It’s addictive, but in such a good way!

]]> By: Mr. Not the Jet Sethttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4349 Mr. Not the Jet Set Tue, 17 Nov 2009 19:00:37 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4349 Amazing the difference that $25 per month can make. I get jazzed every time I see the progress bar on our sidebar for our 15yr mortgage. Nearly 3 years in, which is 20%!I can't wait to see it melt away once we are able to pay extra on it. .-= Mr. Not the Jet Set´s last blog ..<a href="http://feedproxy.google.com/~r/NotTheJetSet/~3/PtMxiHz_sGg/bagnesia-product-review-giveaway.html" rel="nofollow">Bagnesia Product Review/ Giveaway</a> =-. Amazing the difference that $25 per month can make. I get jazzed every time I see the progress bar on our sidebar for our 15yr mortgage. Nearly 3 years in, which is 20%!

I can’t wait to see it melt away once we are able to pay extra on it.
.-= Mr. Not the Jet Set´s last blog ..Bagnesia Product Review/ Giveaway =-.

]]> By: Ellehttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4348 Elle Tue, 17 Nov 2009 17:44:56 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4348 I love the post! When we were paying off the VW car loan, we looked at our budget line by line and sought ways to cut bills and allocate the money for car payments. We were willing to cut down since we had a goal and we knew it was temporary.Every dollar counts when you have a goal and automatic payments and transfer are a life saver. Thanks again for the posting the numbers. .-= Elle´s last blog ..<a href="http://couplemoney.com/banking/handling-finances-in-today%E2%80%99s-economy/" rel="nofollow">Handling Finances in Today’s Economy</a> =-. I love the post! When we were paying off the VW car loan, we looked at our budget line by line and sought ways to cut bills and allocate the money for car payments. We were willing to cut down since we had a goal and we knew it was temporary.

Every dollar counts when you have a goal and automatic payments and transfer are a life saver. Thanks again for the posting the numbers.
.-= Elle´s last blog ..Handling Finances in Today’s Economy =-.

]]> By: Matt Jabshttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4347 Matt Jabs Tue, 17 Nov 2009 17:39:16 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4347 EXCELLENT POINT!Yes, everyone should <em>definitely make sure</em> their extra payments are going 100% straight toward the principal. EXCELLENT POINT!

Yes, everyone should definitely make sure their extra payments are going 100% straight toward the principal.

]]> By: FreeMyInteresthttp://www.debtfreeadventure.com/get-out-of-debt-extra-payments/#comment-4346 FreeMyInterest Tue, 17 Nov 2009 17:32:08 +0000 http://www.debtfreeadventure.com/?p=3389#comment-4346 A key part of this is to check on your bank to make sure they are applying the extra money correctly. I have found one of my accounts would just deduct it off the next payment. This was even though it clearly stated PRINCIPAL ONLY. I found that I could only send in extra payments in a 4 day window, after my regular payment but before the statement. Banks and loan companies will do anything to gain a little more interest. So double checking the interest on your statements monthly is key. A key part of this is to check on your bank to make sure they are applying the extra money correctly. I have found one of my accounts would just deduct it off the next payment. This was even though it clearly stated PRINCIPAL ONLY. I found that I could only send in extra payments in a 4 day window, after my regular payment but before the statement. Banks and loan companies will do anything to gain a little more interest. So double checking the interest on your statements monthly is key.

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