Paying off debt

[peasea]

Think it has something to do with early French translation of "death grip".
Quite appropriate really.

I think you're right, with Latin being the root of the word, 'mort' as in 'mortus' death/dead/fuckin' snuffed it etc.

[Ms Piggy]

I just paid off my credit card.

Well done! It's a HUGE relief eh!

[Indiana_Jones]

Credit cards look like fun!

I should get one!

-Indy

[Boob Johnson]

I was talking to my bank manager a few years back regarding mortgages and he showed me that you should never take a mortgage out for more than a 20 year period. The repayments are the same but the extra years is just interest! I saw it on the mortgage calculator otherwise I would have been skeptical.

Good on you R6Kid. It's a great feeling that..... And I agree with Stirts scissors idea!

Any table loan is heavily weighted to repaying the interest first, something like 95% from memory, give or take. The formula remains the same over any given period, but yes you will pay less of it if you borrow it for a shorter time frame.

[Morcs]

I reduced my credit card to $500 as its a nice manageable figure. I usually max it out and pay it off every few months lol.

I cleared 30k of debt last year. twas guuuuud.

[Macontour]

Good on you, try to keep it that way. I was really lucky in my first job having a supervisor who gave me heaps of really good financial advice. I didn't follow it all but he set me up well. I tracked him down last year and thanked him.

I paid my mortgage off in 7 years through hard work and not spending money if I could avoid it. I only own the house and not much else but I can now do as I want while many of my mates who earn lots more than me but waste their money are still bitching about how tough things are.

back in the late 80s when I was saving to go to the US, people were telling me how lucky I was to be able to "afford" 6 months off work. Luck had nothing to do with it; for more than two years I had a second job that took up Thurs and Fri nights and all day Saturday and I had no flash cars, stereos, clothes, pub every night and so on.

You have probably worked hard and made sacrifices to pay off that debt. Good on you
By the way, back in the 80s I had term investments paying ME 19% interest, mortgage rates were about 23%!!!!