The past two weeks or so I fully admit I haven’t felt like blogging much. Most of this is because I am focusing on other things like the end of the semester, the holidays are here, and I am trying to figure out how to pay for everything without pulling my hair out. However, I did want to report on a little debt win that arrived last week.
Last year we bought our house and I recommended that all homeowners get an energy audit. Typically, it is free or for a very small fee from your local utility company. Our audit was free, they offered some free goodies for us (e.g. lightbulbs and the like) and they offered us some services to insulate our house, etc. One of the things they recommended was to get more insulation in our house. We actually knew that ahead of time based upon our home inspection and I had every intention of putting more insulation in the third floor rafters and the like. However, they informed me that there was no insulation (none) in the walls.
No wonder our house was so cold. So based upon their report I got three different estimates for some insulation to be installed in our house. Because of the energy audit Mrs. ROB and I were eligible for a program where we got access to something called a HEAT loan. A heat loan is, in essence, a personal loan to do some home energy improvements. However, the loan is NO interest over a 48 month period. Considering we were interested in putting insulation in the house and the terms of the deal we took out a heat loan in February for $2800.
Because I hate debt, even with the generous terms of the loan, I decided to pay it off as quickly as possible. I thought it might take about two years because I was focusing on other debt. Instead I decided to pay it off this year. The final check for the heat loan was cashed last week. So we paid off our no-interest, $2800 loan in less than 9 months. Considering that I also paid off a $5000 tax bill and about $30,000 in other debt I think that is pretty good. Maybe it wasn’t the best decision to pay off a loan with no interest that quickly, but it is done.
The HEAT LOAN IS GONE! One debt down three more to go. And I looking at you student loans, 1st and 2nd mortgage (personal loan). Here I come!!!