Goodbye, Orange Lake Mortgage!

Eric • 11th Apr 2007 • Finance

Still following the “Invest in your Debt” program (started Sept-21, 2005) I’ve managed to pay off a few debts. Of course, many things have come up since then, but 1-1/2 years later, Orange Lake is PAID!

That was a 14.9% APR loan, so I’m glad to see it gone. It’s paid off 4-1/2 years ahead of schedule!!! Now I’m attacking the credit cards (which, I’ve worked down so they don’t have as bad of APRs on them). Bank of America, at 8.36, is first. I’m excited to start going after the credit cards, because they’re “bad debt” on my credit report, but since Orange Lake was a higher APR, I went after that, first, to save more money.

6 months ago my debt-free projected date was July, 2014; now, we’re looking at September, 2014. It’s not a “get-rich-quick” scheme, but rather a systematic approach to eliminating debt. Good things come to those who wait; patience is a virtue; yadda-yadda-yadda.

Of course, this will go up and down as income goes up, or debts go up (ex: windows for the house, or a car lease (like I added after the previous update)), but I’m looking to save $30,917.60.

Bank of America should take a little over a year to clear out; in 2 years, Bank of America, 2 Chase accounts and our van should be paid in full. The fun begins when the debts are gone, and all that money that is paying DOWN the debts is available for savings and spending. Then I can work on my portfolio (with a handsome 32.3% ROI so far!)

Completely off topic: I get to watch LOST in HD tonight