Do you really think an additional $20 a month will shave off 5yrs from my large balance? I don't pay MIP, our appraisal is $540K so we have alot of equity. But I did do something recently, I have consolidated our automobile, and I paid it off and a credit card(the only one we had) and I will be paying $800 a month to pay it off in about 30-35ms. I was thinking when its paid off (not telling my husband right away) cause he will find ways to spend it, but I was thinking I could try( for a few mos if I can) pay the $800 extra principle on our mtg, but anything can happen from now until then and really that is just dreaming. I am on a very tight budget so that I CAN pay extra anyway I can to pay things off, crazy but I would rather pay more on my bills and try to skimp on food at the grocery store. But Steve I will look into the diff of $20 or so that you mentioned, I might be getting a raise soon, so that might be a possibility. And luann if your out there, I would still like to hear from you! Thanks!

A couple of things to consider. Refinancing will cost you. It may be able to be rolled into the mortgage, but it is still money you will have to pay, and if rolled into the mortgage, pay with interest. If you decide to go with 30, have a very detailed plan on how much emergency money you need. Save that money, then try to go back to paying your mortgage like a 15 year mortgage, by making extra payments toward principal each month. I understand your husband's feelings. I consider my mortgage to be a noose that I can't wait to cut. However, I have cash on hand in case of emergency/unemployment and I did take a 30 year mortgage, so just in case I have a financial downturn, I can stop paying the extra I pay to principal each month. Good Luck!

Hmmm...Wasn't going to post for another couple months! lol But, CC#1 = $170.00 (maybe a bit less), & plans are to have it pd OFF by years' end. (I actually have till Jan '08 statement for the low rate to expire - which wouldn't be so detrimental due to the low balance) I hate the bank tho, and really wanted to pay it off sooner! But that didn't happen. CC#2 = Don't know exactly, but definately under $700.00. Next closing date is SOON. (I haven't been focusing so much on CC #'s 2 or 3, as they are fixed unless I default on ANY payment! - oh I don't like the sound of that 'clause') CC#3 = About $3150.00. AND...That "Oops!" CC bal is paid in full - YAY! (And I m SO patting myself on my back for THAT one! haha) PLUS, I paid our full mortgage payment(s) this month, plus about $150.00 over on 2nd. (YUP! I just couldn't pay minimum only. I want that 2nd paid OFF ASAP!) OH! AND...I started "paying myself first" last May - min 10%. BUT, after the first "pay myself", I decided to play "catch up" for the year, so I started paying myself 20% or whatever more I could. Also ran across an opportunity to lock in some CD's @ 5.45% APY - so I did that, and I trf'd some old 3 mo cd's into 6 mo cd's for the higher rate. They are in such a manner that I cannot easily get my hands on the money! LOL! So, basically, I'm living on the "below the edge of poor"! Christmas has been discussed, and we are going to do nothing except maybe take advantage of food sales, and IF we NEED something like thermals or sweats to keep warm, or a new battery for my trusty 18 yr old $2.00 hand calculator, or stuff to go into septic system... The ONLY gift we may buy is something for my Mother, which will probably be small $ amt gift certs for her favorite grocery stores or resturants (people from her church oft frequent places for Sunday lunch, and many times she doesn't go if it's expensive.) The GOOD thing is, we've had a sorta fairly mild summer. So, I've been able to use more $$ to pay towards bills. I have done some shifting on my pay plan to get CC #1 paid off (hopefully by years' end), and to get that "Oops" paid off. I've been SLAMMING on that #1 for awhile. (Sometimes it's a GOOD thing to hate a certain company - motivates ME to not give them any more $$$! LOL!) BUT, I'm going to have to slow down now, as winter is approaching - need to be prepared for those high heating costs for about 4 months! (We have heavy drapes, but bad windows! It gets SO cold here in winter, and I HATE the cold in my home!) I feel pretty good for now about my debt pay plan and how much I've paid off. I'm very impatient tho. I wanted more paid off SOONER. I've been obsessed with my bills and constantly reviewing them. (Sometimes 3 or 4 times a month lately - it's like I have a 'bulls-eye', and only one chance to hit it!) It's going to be hard to 'slow down' over the winter to adjust to high energy costs. We've already taken a big hit on less income in the household. We will adjust - at least for a short while. I will keep reviewing where we stand, and hopefully we will survive! IF it comes necessary to start digging into my pittance of savings, it's time for some serious decission making...(like I haven't already been thinking about that? Yes I HAVE!) For NOW, I need a big pat on my back for what I have accomplished! LOL! (I've a feeling next year is going to be even tougher than this!)

>>If I was in my 70's, I sure wouldn't invest any more money in the stock market.If you were in your 70's, I assume you would have a more conservative mix of stocks/bonds anyway. I think emerging markets will continue to see some growth, but you need to be aware that both Chinese and Russian governments manipulate their stock markets extensively without any of the (yes, sometimes ineffectual but still extant SEC) transparency we have in the US and Eurozone markets. They are not for amateur investors; if you invest there you need to pay good attention to international business news. Our CDO problem has spilled over to foreign investors because the Fed encouraged them to buy more US assets back when the dollar was strong. I think we do far more harm to ourselves by not teaching the basics of finance and investing to everyone while still in school, than almost anything else. IMHO: Is there a crisis? Yes. Is the Fed and Treasury this time (as opposed to 1929) doing the right things? Yes. Will it take time - several quarters, at least - to see the results? Yes. The "bailout" (I hate that word) hasn't worked because...it hasn't gone into effect yet. The guy proposed to run it still has to be vetted by the Congressional oversight committee. If they don't like him, that delays the whole thing yet again. The markets panic because they are supposed to look forward, but right now they are frozen in a "day-to-day" mode. The general trend is down because the hedge funds are going to have to sell their holdings for redemptions from spooked investors. Forced selling always creates a lower Dow. It will pass, it always does. It wasn't pleasant watching our portfolio drop 26% during the years 2000-2001. But it recovered to the point where our 20-yr ROI remains in the 11% range despite the three quarters of 2008. We are still holding six-figure gains compared to what we held at the end of the bear market in Dec 2001. If you are working and still contributing to a retirement plan, the market noise should not and need not affect you. This is assuming you have a properly diversified portfolio that will give you less risk with reasonable returns over the long-term. All this nervousness is the reason why I was against privatizing Social Security accounts; most people simply do not have any stomach for risk, nor can they see the long-term even though they may not need the money for 10 or 20 years yet. However, this is a very difficult time for those who are in retirement or planning to retire in the next 24 months. Without a DBP (defined benefit pension), VUL (variable universal life), or annuity policy set up, there aren't many people who can cut their expenses back 30% immediately and survive.