Home Equity Loan Closing: Followup
On Friday, I wrote about our decision to do a home equity loan and the closing that was occurring on Saturday. We the closing has come and gone and I am happy with our decision. Why? Because, I think this was the step we needed to take to get our finances in order.
As of the end of the year, our credit card debt stood at $50,000 and was climbing at an alarming rate. With our current budget, there seemed to be no ending in sight. Even with my wife earning mor, we were still well behind. With the transfer of our credit card debt and old home equity loan to a new loan, we are finally breaking even. Here is a comparison I drew up this morning:
So you see, the saving are about $875.00 a month. Not too shabby. Yes I understand that we the loan is for 15 years, but our goal is to pay it off in 7 years. Just staring at the new budget gives me the confidence that it can be done. We just have to keep shaving off some expenses and stay focused.
