http://consumerismcommentary.disqus.com/NoneenTue, 09 Oct 2007 02:17:56 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309053<p>Thanks for the words of encouragement, everyone!</p>Harlan LandesTue, 09 Oct 2007 02:17:56 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309052<p>luckily my loans are below 3%. I'm really in no hurry to pay them off. My wife's on the other hand is a totally different story. She's stuck w/ a variable rate and it's super high right now. I'm actually trying to dump the amount onto a fixed rate credit card b/c of the difference in payment. The tax benefit of her loans isn't worth it.</p>thomasMon, 08 Oct 2007 00:57:25 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309051<p>Congrats! That must have taken a big bite out of your debt. :-) It also sounds wise, considering the situation.</p>Mrs. MicahFri, 05 Oct 2007 21:19:45 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309050<p>That is awesome! I did the same thing this week thanks to the dropping interest rates. I managed to take out around $13,000 of my student loan. Not too much longer....</p>ColinFri, 05 Oct 2007 21:17:17 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309049<p>Awesome! Congrats on the big payment. I think a lot more people will start doing something similar in the near future.</p>PatrickFri, 05 Oct 2007 19:22:27 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309048<p>Congrats on getting rid of that debt. The student loans were next on my list before buying my wife a Mini. But we'll have that paid off before January and then get back to the student loan payoff.</p>Clever DudeFri, 05 Oct 2007 16:43:42 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309047<p>DividendGuy: Heh. No, I already bought my new TV (but not with debt).</p>Harlan LandesFri, 05 Oct 2007 11:45:57 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309046<p>That is always a pretty good feeling to do that - it is more psychological than anything. Just don't celebrate by buying a new TV with debt :-)</p>The Dividend GuyFri, 05 Oct 2007 11:43:55 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309045<p>Congrats on paying off a chunk of debt! That sounds awesome :)</p>paidtwiceFri, 05 Oct 2007 10:17:25 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309044<p>Better to pay off debt..it will be worth it in the long run. Good for you!</p>askprofitFri, 05 Oct 2007 09:25:21 -0000http://www.consumerismcommentary.com/2007/10/05/paid-off-a-chunk-of-debt-this-week/#comment-21309043<p>Hey Flexo, yea it doesn't make sense to keep a whole bunch of cash in your savings account when you have non-ded debt on hand. Considering that the interest earned on your savings is taxed as income, and paying down your loan is like an after tax return.</p><p>For example, if your savings account paid you 5.5% @ 40% marginal tax rate, your after tax return is: 3.3%. If you pay down your student loan, your after tax return is 4.25%.</p><p>FT</p>FrugalTraderFri, 05 Oct 2007 08:50:54 -0000