As promised last week, I added the new sidebar under DEBT to reflect the status of my Line of Credit. This account was opened last May when uncertainty of job action and status was present. As my EF was inadequate, the LOC was going to be a very 'poor choice' back up if need be. I never ended up using it for that, but I did to make the final payment of my son's trip to Italy. I am not pleased that I did not save the $ properly for that and had to use the LOC. However, the deed is done now and I need to own up to it, so there it is.
This is an interest only LOC so if a month went by where I did not make a payment, the interest amount would come out of my account tied to this. The interest is not added onto the loan. I have been making $50 payments per month on this loc while directing the bulk of my attention to paying off my vehicle loan.
Hopefully I can soon start attacking this loc a little more aggressively and get it off my list of things to do.
Source: http://shakingthemoneytree.blogspot.com/2012/04/new-sidebar.html
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