Yep, the large chomp that I took out of the Wanda Loan last payday affected the little bites which the regular payments take out of the Wanda Loan . . . in a big way.
Okay so time for a bit of an admission, this loan is the largest loan I have ever had. Larger than even my truck loan was and that thing was pushing $30K when I got it.
Sure the price for Wanda Herself was somewhere in the $20 – 21K range.
Yet with me still stunned that I was approved, and not really believing it was happening, I fell into the trap of the “Business Office.”
Once they were done with me suggesting this extra package and that extra package, I ended up with a total loan of $37K (Yikes).
Well that was three years ago (May of 2014) now, with all of my efforts and focus on this loan I have just cracked the $25K mark (in the downward direction).
With regards to today’s payment, the increases in the amount that my regular payments take out of the outstanding balance, doubled!
For comparison, the increase of the last payment (on Feb 16th) was $2.92.
What that means is that the payment on the 16th took $2.92 more out of the outstanding balance than the previous payment on the 2nd.
Today’s payment took a whopping $7.35 more out of the outstanding balance!
Okay, sure when you compare this to the outstanding balance of just shy of $25K, that’s chump change, but every little bit helps.
Add to that the fact that before I started making these large payments that increased bite was only $0.10!
As well, something to note is that every extra payment that I make on this loan goes straight to the principle, no interest is taken.
This also is huge and is helping me to pay this thing off much faster than if it was a credit card. I shudder to think how long it would take to pay off a $37K credit card at 19.5%!
I track these things to see how effective what I am doing actually is, as well to predict just when this loan will draw it’s last breath, scream its last curses at me and die.
This also helps keep me motivated to stay on track and stay in Super-Scrooge Mode, until this is done (but I’m still not saying when).
As always: Keep your head up, your attitude positive, and keep moving forward!