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Old 10-02-2008, 06:50 AM   #41
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Yeah, thinking that way too. May do LOC before auto loan as it is variable. Don't expect int rates to go up any time soon, but you never know. I think the LOC is prime+2.75 or something similar.

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Old 10-03-2008, 10:32 AM   #42
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Cool, USAA placed me in the "preferred ultra" rating for life insurance so my premiums are not too bad at all. Now gotta decide on 250K or 500K. 500K is $38 a month, level 20 year term, so that sounds pretty good to me.

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Old 10-05-2008, 10:28 PM   #43
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Looks like you are making some good adjustments. As for life insurance, determine what your dependents need to maintain their lifestyle and buy only as much as is needed to do that. $500k would get them about
$25k for life.

I think your main priority should be to get an emergency fund in place, then hit the debts really hard. IMO you want to avoid debt at all costs. Note that there are a few times when I don't consider borrowing to be debt, but rather an investment...the most common is student loans. However, in terms of what you've shown, get rid of that credit card debt, and that car debt.

I must admit I borrow for cars, but typically on 2-year loans and only if I can get an incentive rate such as 0% (got that on my Honda CRV) or 1.9% (got that on my wife's Mazda 3). I always have the money to pay cash for my cars...but I will borrow if I can earn more on the money elsewhere. I follow the Dave Ramsey school in this regard.

Good luck.

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Old 10-06-2008, 07:32 AM   #44
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Thanks Finance Dave. I had a Honda loan for 1.9% on my Honda Pilot, but paid it off since it was one of my highest monthly payments ($375). It was one of my lowest loan rates, but I wanted to free up some cash flow.

I'm doing sort of a modified Dave Ramsey. Trying to pay off everything I can, then saving up a good EF. I'm still contributing 5% to my 401K to get the matching, and am not operating with a zero based budget, but have trimmed my expenses and am cracking down more on misc spending.

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