In 2006, what's the first MAJOR debt you want to pay off this year?

**homesteadmamma** · 12-27-2005, 10:41 AM

We only have 2, our van and a stupid tax bill. Our first debt we want to pay off is our van. It's the largest payment of the 2.

How about you?

**Deborah_Kate** · 12-27-2005, 10:57 AM

I have some loans I took out when Patrick was born five years ago and have had to borrow against paid off balances since then. I would like to get the one with the higher payment gone this year, or at least close to it. It is also the loan/credit card with the highest interest rate.

Is it better to go after the higher interest rate things or the one with the smallest balances first and then snowball from there? I've read both and don't know where to start. I feel a bit foolish asking too. I guess I'll learn alot from you folks. :-)

Deb

**homesteadmamma** · 12-27-2005, 11:04 AM

Deb, never feel foolish for asking questions here. They are all important.

You can do either. For our family, when we paid off $18,000 in cc debt, we paid the highest interest first. However, many go the smaller one first so they can see something happening quicker. It depends on each individual.

You might find it easier to go the smallest one first. It might give you more incentive to work harder and you might be able to find the extra $$ quicker knowing that the smaller one will be paid sooner.

**SammeyG** · 12-27-2005, 11:07 AM

I have two that I want to get paid off this year. I want to pay off my dh c.c and a personal loan that we have. Those are really the only two things that we have left to pay off. Also that they are the last two things with the higest amount on them. I want atleast try to get both paid off in the new year. If not the all of one and part of another. I may even suprise myself with getting both of them paid off. I paid off another one this year that I didn't intend of paying off. That is always a plus.

**alabamagirl** · 12-27-2005, 11:10 AM

I want to pay off the $1,700 cc by March 1st. The only other debt we have is DH's car - 12,567.00 left on it. We should have it half paid off in 2006.

**MandiDawn** · 12-27-2005, 11:11 AM

My student loan for sure. I hope to pay it off in either March or April. I just paid off my CC, so I'm going to be snowballing!!!!

My next goal is not to pay off a loan, but to not go into debt. We have to remodel our bathroom, and after Student loan is paid off, every extra penny is going to be saved to do that. I want to pay for everything with cash (a first!!!), so my next debt, my car, will have to wait.

**catzz64** · 12-27-2005, 11:58 AM

Our major goal is to pay off our car this year...just over $4,000, then I guess also our student loans are the second focus coming in with the stagnant old debt from my 4 years out of work

**Mamaw** · 12-27-2005, 12:13 PM

First goal for 2006 is 3072.09 personal loan.
Second goal for 2006 is 4263.66 CC debt

I will be working on a budget, figuring what and where I can cut expenses and if there is anyway to increase income or generate additional income.

Keep posting folks. I am going to need all the help I can get on this goal

**AmyBoz** · 12-27-2005, 12:15 PM

The only debt we carry is the mortgage and the van. My goal for the year is to get the van paid off.

**pammy** · 12-27-2005, 12:18 PM

The first major debt I want to pay off this year is my car loan. I owe $11,500. Of course, we have the rv up for sale, so I want that debt gone, then I can apply that amount to the car and get it gone even faster. If we aren't able to sell the rv at all I still want to pay off the car loan this year.

**jzkitten** · 12-27-2005, 01:08 PM

First debt I want to get paid off is $850 loan from my mother. After that another loan from DH aunt for $1000.

**hollyhill** · 12-27-2005, 01:17 PM

Um, well when we are finished increasing our debt

.....it will be to pay off the student loans.....I don't even know what the final tally will be.

**dwallyfam** · 12-27-2005, 01:22 PM

The first bill is Wells Fargo. Second is the Mastercard. Then the second mortgage.

Kellie

**mom2matty** · 12-27-2005, 02:43 PM

I have 2 as well........we have $500 left on a $4000 vet bill from April of this year.......we are planning to make that final payment in January and then our only other debt is the tahoe......we still owe $23K on it so I won't get it paid in full but I am excited about paying as much as we can possibly pay on it this year!!