Jale-if you sell your S, will you be upside down and owe money or will you break even on the loan?

If you owe money after selling the S-how will you make up the difference? Put it on some credit cards or do you have the cash on hand?

How much do you owe on the credit cards? Maybe you could do some balance transfers and pay a less interest rate?

 

Get a Geo Metro. You'll never regret it.

 

If I sell it, I will have money in hand because I only loaned out like 3/4 of what the car was worth.. so if I sold the car I'd have almost enough money to buy a beater with that money.

trust me.. i owe a boatload... I'm working on doing some talking probably tomorrow to see if can get everything or at least more on my lowest interest card, but they would have to double my limit in order to do that... I'm looking at a couple options right now.

Driving the car doesn't help motivate me to sell it, because right now I might be broke but at least I can go for a drive and have something to show for being broke. I got some info today too that might help me make more $ and give me a career boost so I'm gonna see how that goes before making any rash decisions.

I'm affording to pay for everything right now without problem.. its just I don't want to pay on it for as long as I am going at this rate....

 

That's a key bit of information. If you are expecting a little more income in the near-term, you could keep everything and just make sure you put the extra earnings to your debt.

Another thought is refinance the car. Seems odd but I have heard of people doing it. Get a lower monthly payment so that you can pay more against the CCs.

I would definitely consolidate the CC debt as much as you can, first, to see where that gets you.

Good luck. Hope you can keep the car. Unless you are looking for an excuse to get an '05!

 

Sell the S. Buy a late '90s early '00s Civic with moderate mileage. Should be able to buy it nearly cash if you have the money stated above (i.e. not upside down).

Stay that way and address your debt. All of it. Pay down any credit cards, student loan etc. When you've done that (essentially zero debt) buy an S. I don't care if that's '07... that's my advice.

I love my S but I'm not in deep debt.

Final tip. Calculate your Net Worth. Net Worth is what you're worth if you sell everything and pay off ALL debt. Use this guide to see if your in GOOD shape or BAD shape... (if your over the number you're GOOD if not you need to work on it.

(Don't argue the numbers a lot... put your own thought into it. How much NW do you want when you're 40? 50? Do you want to retire when you're 55? 60? 65?...)

(If you go to post secondary educ)
Age NW
18 $0
22 -$30,000 (student loans only)
28 - $0
35 - $100,000
40 - $250,000

(If you don't go to post sec'y educ)
18 $0
22 $10,000 (student loans only)
28 $30.000
35 - $100,000
40 - $200,000

 

Brant will agree with me on a second suggestion.

Get yourself a pimping bike. Pedal power baby!

 

You live in Nashville?

I have a smoking hot friend who attends optometry school there. I have a rather large crush on her. I hope to visit her this year. If I go I'll give you a holler.

 

Jale--I have been in your shoes with the credit cards & debt stuff. Anytime you need to talk/ask a question-please send me a PM.

 

Go for it, Jale. I'm still driving my beater Integra, at least until I can comfortably afford the S2000 (which is in a few months )

BTW, you should try reading your thread title out loud.

 

Tomorrow's headline:
IDB buys '05 S