Domino your debts

Domino Your Debts

Today you’re going to regain control of your life.

The bottom line is this: if you have a credit card debt, or a personal loan, or a car loan, you’re not in control of your financial future.

This is step 3 of Scott Pape’s 9 steps to financial freedom.

When I started reading the book: The Barefoot Investor, we did not have any high interest debt. I always paid off my credit card in full every month.

Our goal was clear — save up for our home deposit.

But we took on bad debt last year.

We bought a seven seater Nissan Pathfinder through a car loan. We needed a car to fit a family of five plus guests. We ended up getting $34K debt at 9.75% interest.

We had some money stashed away for the home deposit. We kept paying minimum payments on the car loan.

When I did the math, the decision was obvious. We’re better off to use our saved up money which was $20K towards the car loan.

I am happy to report we’ll regain control of our lives by September 2019.

Written by Andrew Artajos
I'll keep it brief.