TD loan is paid off

Some good news on the bank statement this month. This was the final payment on the TD loan. It's good to have it now paid off. It took a while but now it's done. And with that I've now paid off all of the consumer debts.

It was about two years ago that I resolved to fix the debt situation and now I have. The job switch about a year ago helped a lot. I intend to be debt free for the long haul. It's a great way to be. As long as my employment remains stable it should be possible.

There's still some debt left around. There's about a year to go on the Honda loan. That's not a bad debt because I'm getting something for the payments, the car. Plus it's only 1.9% so I could find more profitable uses of any extra money than accelerating the payments on that. It will go away on its own in a few months anyway.

The TD bank watches what's going on. About a week after the final payment a rep called me. He asked if I had any plans for the $200 a month freed up by paying off the loan. He suggested I could put it into an auto deposit into my TD savings account. I think I can do better than a 1% savings account. Thanks for mentioning it anyway.

One thing I did was I canceled the overdraft on my chequing account. It was just a $200 overdraft and I keep a "floor" balance in the account anyway to cover occasional unexpected unbudgeted monthly expenses. So now I'm debt free the overdraft is a remnant of the financial past which can be discarded.

I don't have too much planned for the new $200 a month from paying this off. Like most people in Canada the $200 is nice but it isn't life changing money. I've allocated some of it already. I'll also make some modest lifestyle improvements. A bit of shopping and such. Maybe a little treat or two for myself to mark the milestone. Mostly it will just be absorbed into the existing budget. Now that I'm not putting extra money to accelerate the elimination of the debts, I have some other things I want to work on. Like getting a better place would be nice. That and some other bigger things.