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How to get help with debt on credit cards and car loan

Date: Sun, 07/01/2007 - 10:46

Submitted by anonymous
on Sun, 07/01/2007 - 10:46

Posts: 202330 Credits: [Donate]

Total Replies: 4


I have about 20,000 $ worth of Debt. I owe A little less than 15,000.00 on my car. An 03 Camry I purchased through Toyota Motor Credit with a co-signer and still took an interest rate of 21.99% I have since refinanced this past January and they lowered it to 9% which is much better but It only took the payments from. 367 a month, to 343 a month. Thats insane!!! I can make those payment but I never had any extra savings or spending money. I have time i can take off but I can't use it because I never have the extra saving to go anywhere... The other Aprox. 4,000-5,000$ Is in Credit cards I have 2,700 on my care credit account which i had lasik surgery from last august at )% interest for a year. I have only gotten it paid down to about 2000... So the interest will be added on this august and there goes that idea. and the other credit card has a 2,000$ limit which i had all but maxed out last year when i had an emergency in Florida and had to move back to Kentucky. I had to pay about 1,400$ for a first and last months rent in order to get out of my lease. plus I love the initial deposit and then some... Im 21 and a mess with credit already. I have never been late on any payments EVER but I feel I won't be able to keep this going for ever. I have started a tiny savings account lately through my job in a thrift savings plans. I work for T.S.A. with the Dept. of Homeland Security and soon will be switching to border Patrol for a significant pay increase and benefits plan. So I will be able to pay things off a little easier. but thats only if I get this job. I need a little help with my debt and I am asking it from you.


Hard to imagine that a loan with 29% interest that went down to 9% didnt' change ur notes any more than that... only thing i can figure is it is a lesser payout time??? That's probably it.
If you signed up someone will contact u and offer u assistance in getting ur fiances in order! You're still very young and can get a handle on this and learn for the future!
Good Luck and ask any questions, someone will happily answer!
Ang


lrhall41

Submitted by Ang on Sun, 07/01/2007 - 11:20

( Posts: 2306 | Credits: )


I was thinking the same thing as Ang, lowering your interest rate that much didn't change it that much? Is it for a shorter term?
Is there any way for you to consolidate the lasik payments (before the interest is rolled in) with your moving credit payments?
Maybe you could check with your bank and see about getting a loan to cover everything. They normally have pretty good rates and terms.


lrhall41

Submitted by surveygrrrl on Sun, 07/01/2007 - 14:40

( Posts: 152 | Credits: )


This is kind of a repost for me

I know many Americans would disagree with me but in my opinion you should never own a car that is equal to 50% of your annual salary. Basically you are sinking a bunch of money into an item that loses value every day plus car payments simply erode any wealth building ability you could have.

My advice would be sell the car and buy a 2000-4000 car with cash if you can. This would eliminate 15,000 of your 20,000 debt. Buy it from an individual not a dealer and have it thoroughly inspected by a mechanic before you give them any money. If it is possible you should move in with your parents or rent a cheap apartment with a roommate or rent a room in a house. I rented a room from someone out of the paper that became a friend for 2 years at 250/month including all utilities.

Just for the record my first full time job paid 30k as well and I followed my advice almost exactly. The hardest part is sacrificing the car.


lrhall41

Submitted by DOLLARSandSINCE on Mon, 07/02/2007 - 11:14

( Posts: 1078 | Credits: )