Till Debt Seperates us | Mather Fox
Here is the cool part, my first option was to use the insurance money to buy another car and incur more debt. Instead of doing that, I decided to pay off my loan and significantly decreased my loan figure. At that moment, I decided it was better to use public transport than drowning in debt. I was ready and prepared to brave the crispy, harsh cold weather of Alberta than owe money and pay those ridiculous interest charges, among the other expenses of having a car.
After paying the $12k to the loan, I still owed about $6k. I am doing my happy dance now as I remember the feeling I had when I was debt free within six months, and debt was not strangling me anymore, and I could breathe again.