Po' pimpin'

 

you're saying that you paid 20k for the s if you include the roll over amount from your previous car. is that where you're at now or where you started? if you started there you have paid down some of that already... which will make a big difference. if you own your home and have enough equity built a home equity line of credit would be an awesome idea... otherwise you may want to start calling banks for either an unsecured personal loan or unsecured line of credit. however with a short credit history you may not be able to beat or even match 11% or take out enough to cover everything

your best bet if you cant get somethign to consolidate it at a lower rate is cut up any credit cards, find out what has the highest rates and start paying those off asap while making minimum payments on things with lower rates.... and just work your way down paying stuff off

short story: debt is a bitch

 

[QUOTE=altiain,Jun 21 2008, 07:55 PM]
You rolled $5000 worth of debt, or "negative equity" (a rose by any other name and all that crap

 

Debt is a biatch. Banks make it easy to get into and hard to get out.

Depending on my available options that I will be looking at in the next week or so, I may just take your advice. Its only somewhat difficult right now because I'm paying quite a bit over the minimum (including the car) and try to keep an allotted amount in my account for that purpose. (I feel guilty otherwise) I guess working your way down one at a time rather than all at once would be a good way to approaching this.

Thanks again txchopper.

 

[QUOTE=altiain,Jun 21 2008, 10:55 PM]
You rolled $5000 worth of debt, or "negative equity" (a rose by any other name and all that crap

 

I assume that's sarcasm. I'm no baller. That said, in twenty years of buying and selling cars I've never owed more on a car that it was worth, and I've never rolled "negative equity" into a car note. I make it a habit not to buy cars that I can't afford.

To me, financial security is much more important than being a "baller".

To the OP: a college education is never a rip off. Do some research - over a lifetime, the average college graduate earns twice what someone without a degree earns. There are some people who make a good living without a college degree, but they're the exception, not the rule.

Financing an education is one of the only "good" forms of debt to have. You'll make that money back a hundred times over between now and retirement.

 

I think that this thread was more of a "where do i go from here" question not "did i spend my money wrong." people mess up or make bad financial choices more often than people make wise ones, its admirable that he wants to rectify his mistake and i don't think that talking about how bad of an idea it was is going to help anyone so lets just keep to the topic at hand, how to help someone

 

Haha, I guess sarcasm doesn't go too well on the forums. I don't intend to quit anything I've started, especially when I've already invested so much time, money, and energy into something; it would be stupid not to get what you paid for, which is exactly why I purchased the s2000. Instead of continuing to pay for something I don't want (the Accord), I would rather pay for something I do want and enjoy (the S2000).

I purchased the Accord for 23k and traded it in for 15k to the dealer which at the time has a remainder of 20k on the car note. As a result the 5k negative equity was rolled on to a 15k s2000, which in turn brings the total note back up to 20k plus tax, title, and licenses. This whole transaction kept my monthly car note where it was to begin with. Its not a question of affordability, its a question of what can I do to make things easier.

Either way, thanks for the support and concern.

 

Oh and by the way, one other thing i forgot to suggest is if you have had the credit cards for a while and made your payments on time ect. (for a while i mean more than 6months or a year) call the number on the back of the card and ask if due to your good standing you could get your rates lowered. if they say no tell them you've got an offer from another bank that has the same rate but will give you the first 12 months at 0% with no transfer fees (even if you cant find that) and that if they dont lower it some they're going to lose your business. idle threats are a great negotiating tool

 

Oh nice...I didn't realize I could do that. Thanks man.