Does anyone know how the closure of an account effects your credit. I have paid the account each month one time. Does the account indicate closed in good standing on the credit report?
Getting out of debt is a marathon, which is so challenging (I’m three years away from $0 myself). The best web calculator I’ve found is the Rapid Debt Repayment Calculator at debtproofliving.com.
And if you’re a member (which I found COMPLETELY worth the $29/yr), you have access to a rapid debt repayment manager, which gives you the ability to select how you pay (I pay my bills 2x a month) and in which order (int rate, balance size, or a custom order), and then see month-by-month how your debt goes down–until the last month when it goes AWAY!
I can’t say enough how great this tool is. But here’s another idea — one I’ve set up to keep myself motivated. And it’s free.
In Excel, I have a grid that lists every paycheck date on the left. Across the top are my debts, and the right column is the total due. Each paycheck, I write in what the current balance is (because, again, I pay bills every paycheck), and I get to see the total going down all the time.
I also set up a simple pie chart in Excel that shows what % I’ve paid off since starting my debt reduction. Whenever I feel low, I just look at that and see that in the last year, I’ve paid off (right now) 15% of my debt. And that percent paid off increases every month too.
Just a couple of ideas. Hopefully they’ll help you or give you more ideas. 🙂