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HELOC Under $20,000!
Our HELOC balance is under $20,000! We’ve had the HELOC since we bought our house in January 2003. We’ve never focused on paying it off - it’s an interest only loan, and we’ve just been stashing our money in the HELOC every time we get paid, and then when it’s time to pay bills, we take money out of the account. I haven’t paid our August mortgage or credit card bill yet, so the balance will increase by about $2700 next week. But until now, the lowest balance we’ve ever had in the HELOC before bills were paid was about $24000. So we’re headed in the right direction. It seems strange to look at our bank account info online and see a “1″ at the beginning of the HELOC balance. It makes me even more motivated.
Well done you!! That is wonderful!!
July 27th, 2008 at 6:12 am
I started with a $25,000 HELOC, and is now down to $13,00. Still a lot of money but I’ve made some good progress in less than 3 yrs. I am debating whether to take out my savings and pay down my HELOC in full. I figured I could save up more on interest by paying it down, instead of the interest that I have been getting from my savings account. Any comments would be appreciated. Thanks.
August 3rd, 2008 at 9:52 pm