On Sunday I was driving back from Barrie, ON on the 404. The music was blasting and the foot was a little heavy on the gas. I was coming in to Toronto the sign was in sight. Suddenly I wasn’t doing 100 on the 404 I was doing zero. The car was towed to the mechanic’s and the next day he told me the bad news. I destroyed the timing belt in the car which fried the pistons. Basically the car needed a new engine, but at a cost of $2200 it was not worth it. On Tuesday I resided to the idea of having to buy a new car.
My plan had been to have my (de-funked) car last a few more years. So I could finnish paying off my LoC and than save 10K to buy another one. What is that old saying: Great intentions path the pathway to hell… sign
So I bought a car. Not a new one, but new to me. The down side is that I had to take out a loan as well. My load is for a total of $10,038.08 which will be financed over 4 years at 5.99%, bi-weekly. In total I have 104 payments of about $100 to make before I have no more car debt. I made a debt chain to represent my debt. Every extra link gone over the 4 year period is one less payment to make.
While the last 6 months have been ticking by I have tried my hardest to bring my LoC down as much as possible. But in the process I have let my MasterCard slip up a little more then I would like. So I have to work on that as well.
Time to get back on the debt elimination train.
