Saturday, January 15, 2011

How much debt do I have? (Jan 11)

In Oct 10, I had calculated my total debt which is totally from the mortgage loan of my flat. Using the outstanding housing loan amount minus away my total family CPF OA amount, I still owed about $40k.

Today I have recalculated my total debt again, and I am not surprised that my total debt have greatly reduced to $29k. The big reduction is contributed mainly from the yearend bonus, the interests from the CPF OA account and the dividends from my shares. In one of my New Year’s Resolutions for year 2011, I mentioned that I would like to reduce my total debt to $20k. And now I think it is quite achievable.


Musicwhiz said...

Wow that's a very small loan quantum to have left! How old are you if I may ask? Very impressive.

My own loan quantum stands at about S$90,000. You mentioned using dividends to pay off the loan? Do you depend purely on CPF to pay your mortgage installments, or do you use a mixture of cash/CPF to redeem part of the loan at times?



Freedom Achiever said...

Hi Musicwhiz,

30 plus. I am lucky to get my flat cheap in year 2003, so my housing loan is quite low. I am using only CPF to service my loan.

Freedom Achiever

Have you started your journey towards financial freedom?