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RE: Do you pay extra? - 10/25/2009 2:31:51 PM
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Miss Giggles
Posts: 5219
Joined: 4/18/2005
From: MI
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When I can. I try to follow the debt snowball method.
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RE: Do you pay extra? - 10/25/2009 3:00:26 PM
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metoo
Posts: 25
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I just had a long response written out and it did not post.  The jest of it was:
I have always paid extra on my mortgage and thereforeI no longer have one. It was paid off in 2002. I bought my first place in 1983 and each time I got a raise I would put 50% of the take-home amount to pay additional principal on my mortage. This also prevented me from increasing my lifestyle as my income increased. When my mortage was paid off I increased what I was putting into my 401(k) so I put in the maximum amount. When I turned 50 a couple of years ago, I was able to increase this because of the catch-up provision. I also fully fund my Roth IRA each year.
I have never carried a balance on a credit card. They are paid in full each month.
The one thing I did not pay off early was my student loans. I graduated from college in 1980 with $3,300 in student loans. One was 3% interest and one was 5% interest. At the time I could earn double digit interest on a money market account (for a while over 18%) so it was a no-brainer to NOT pay them off early.
I have owned four cars in my life. I buy them new and drive them 8-9 years. I had one 36 month car loan that I paid off in about 1/2 the time. Otherwise I have and will pay cash for cars. I save $200 per month in my car account...much less than a car payment. This always gives me enough to pay cash for a car, with usually a tidy sum left in the account.
The only bills I have are regular monthly bills such as utilities or semi-annual bills such as insurance or property taxes. I see no reason to pay extra on them.
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RE: Do you pay extra? - 10/25/2009 5:10:14 PM
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LCannon
Posts: 1121
Joined: 2/22/2007
From: Lebanon, OR
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On the first four questions I don't hold or carry any liability. On the fifth question I never(rarely)advance a payment.
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''Let the very worst thing come to pass[and]even there,
especially there; His hand will hold.' -Elisabeth Elliot-
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RE: Do you pay extra? - 10/25/2009 6:32:22 PM
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GroupW
Posts: 2537
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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Absolutely. I paid my my school debt in about 5 years (15 year loan) and have paid off any car I've purchased in 2 years or so.
Trying to pay off the new house in 10 years or less.
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RE: Do you pay extra? - 10/25/2009 7:40:18 PM
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creationtalk
Posts: 480
Joined: 6/9/2005
Status: offline
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quote:
ORIGINAL: Harvie
For those of you with mortgages, do you pay extra?
Yes
quote:
For those of you who carry a balance on credit cards, do you pay extra?
I do not carry a balance on my credit cards.
quote:
For those of you with student loans, do you pay extra?
Yes
quote:
For those of you with car loans, do you pay extra?
Yes
quote:
Do you pay extra on any of your bills?
Some. Depends on the bill. I usually pay my water bill yearly (pay a lump sum slightly larger than average of previous years.
My goal is to have truck loan and student loans paid off 2.5 years from now. This is 2 years early on the truck and 10 years early on the SL. When I do the math, it's not possible (requires double what I currently pay per month), but I've already reduced both debts farther than would have seemed possible 2.5 years ago when I bought the truck...God's math works a lot better than the world's math.
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RE: Do you pay extra? - 10/25/2009 8:52:19 PM
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ta_mosquito
Posts: 10990
Joined: 3/31/2005
From: from MN, now in Ontario :D
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We've started to pay an extra $100/month on our mortgage. We're currently paying over $270/month less on our mortgage than when we bought the house due to the low interest rate. We've got an adjustable rate, and the interest is so low (less than 1.5%) that our investments are doing better than that, so it makes more sense to put the extra money into investments rather than pay off the mortgage. On the other hand, it'd be nice to have the mortgage paid off that much sooner. So we're doing the extra $100/month for now.
Other than that, we have no debts.
And we don't pay extra on any of the utilities or other bills.
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LibriVox: acoustical liberation of books in the public domain
(Avatar: Turkeys are all saying "Moo")
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RE: Do you pay extra? - 10/25/2009 9:38:05 PM
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Krislynx
Posts: 677
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We pay our mortgage once a week. So we wind up making one extra monthly payment every year. Right now we are focusing on credit card debt, one at a time.
Kris
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RE: Do you pay extra? - 10/25/2009 9:57:42 PM
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APZR
Posts: 1052
Joined: 4/18/2005
From: GA
Status: offline
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For those of you with mortgages, do you pay extra?
No, ours is fixed at 4 3/4 for 30 years... I'm gonna bleed that loan out to the end.
For those of you who carry a balance on credit cards, do you pay extra?
Yes. We work hard to pay them off, but that's not possible lately with some mighty big medical bills.
For those of you with student loans, do you pay extra?
Paid them off many moons ago, but I took the same philosophy of priority... the highest interest rates paid off first, service cancelable paid at the minimum until satisfied through service.
For those of you with car loans, do you pay extra?
None, all are free and clear. Bought my truck with cash, and had a 3 year 3% interest on the wifes car... so we were in no hurry to pay it off.
Do you pay extra on any of your bills?
No, I don't give interest free loans, not even to the Gobment as we usually have to pay additional taxes $$$.
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Ya can't keep trouble from visitin, but you don't have to offer it a chair.
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RE: Do you pay extra? - 10/29/2009 12:48:44 PM
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WhiteRoseBlessings
Posts: 18169
Joined: 4/11/2005
From: Here . . . but subject to change; stay tuned
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Erin, I love your new avatar!
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RE: Do you pay extra? - 10/29/2009 1:03:46 PM
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ta_mosquito
Posts: 10990
Joined: 3/31/2005
From: from MN, now in Ontario :D
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I've heard of people paying more than their balance - almost like a "pre-pay your balance" thing. Don't ask me - I don't do it. LOL!
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LibriVox: acoustical liberation of books in the public domain
(Avatar: Turkeys are all saying "Moo")
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RE: Do you pay extra? - 10/29/2009 1:22:42 PM
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betterisoneday
Posts: 405
Joined: 1/10/2008
Status: offline
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Never had a mortgage/student loans/credit cards.
I did get a loan to pay for half of a vehicle once (my supervisors said it would show good on a credit check). It was just a 2-year loan so I paid it off in about 18 months.
Utilities I've never paid extra on because I didn't want to go through a hassle of getting some of it back if the military suddenly moved or deployed me.
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No reserves. No retreat. No regret.
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RE: Do you pay extra? - 10/29/2009 2:18:23 PM
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davelinde
Posts: 475
Joined: 5/5/2006
From: New Jersey
Status: offline
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We never carry a credit card balance - so yes we pay "extra" on that, each month it goes back to zero.
On our first car we made double payments and had that paid off early. After that we kept saving the "car payment" and purchased future vehicles for cash from the savings.
We did make some principal payments on mortgages but I didn't really like that... I preferred to put that money in savings "just in case" vs locking it away as home equity. We did re-finance several times and didn't do "cash out" then... we did "cash IN" and financed lower amounts in some cases. The last re-fi we went to a 15 year note. Eventually we downsized the big house (big mortgage) and now live without a mortgage (though that was a 25 year journey and we have surely been blessed with steady work and good income)
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RE: Do you pay extra? - 10/29/2009 11:34:48 PM
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peace77
Posts: 281
Joined: 4/18/2005
Status: offline
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quote:
For those of you with mortgages, do you pay extra?
No.
quote:
For those of you who carry a balance on credit cards, do you pay extra?
Yes. Always pay extra. Try to pay off the smallest one each month.
quote:
For those of you with student loans, do you pay extra?
I always pay extra on DH's loan with higher interest rate.
quote:
For those of you with car loans, do you pay extra?
No car loans.
quote:
Do you pay extra on any of your bills?
Only if I'm too busy to find out the exact amount of the phone bill. In that case, I add a couple dollars to make sure it's enough. It evens out the next month.
Peace,
Anne
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RE: Do you pay extra? - 10/31/2009 11:38:37 PM
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mom2_3Hs
Posts: 10
Joined: 7/20/2009
Status: offline
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We are paying ~triple on our mortgage right now. We anticipate having it paid off within a year!
We don't carry a balance on credit cards.
We don't have any student loans (when we were first married, we paid extra on it instead of on the mortgage).
We don't have car loans.
I do pay ahead on utility bills. For gas, I'm paying $100/mo in a self-made "balanced billing" payment plan (the company's balanced payment plan ended up with them owing me close to $1K over the summer, which I thought was ridiculous). I pay the water, sewer, and cable bills approximately once a quarter (one this month, one next month, one the next)--they're all $15-30/mo bills, and I save on stamps this way.
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