Comments on: Debt Update!

By: Beks

Beks — Fri, 24 Jul 2009 01:13:43 +0000

Debtor – No, I have my BA in Communications but I do occassionally take night classes for fun. I’m saving the money right now but I’ll probably return to community college next semester.

And, we MAY have our credit card paid off next month. Shhh! Don’t tell anyone! ; )

By: debtor

debtor — Thu, 23 Jul 2009 19:30:15 +0000

question, I seem to be forgetting something but are you back in school? I guess that adds another dimension of pressure to debt reduction.

I got sidetracked. The reason I wanted to commenting was to say that your credit card debt will be gone soon! If you get a big tax refund, it should all be done by april 2010! Can’t wait!

By: John

John — Thu, 23 Jul 2009 06:09:52 +0000

Has trading in your car ever crossed your mind? Since you are getting a lot of suggestions to do so. It can be a hard thing trading in your car for a possible less reliable one. Of course it’s not going to work if you are upside down. Even though it is a big part of your debt are the payments high? Either way I think you will do just fine.

By: mimi

mimi — Thu, 23 Jul 2009 00:09:33 +0000

Your car is an awfully big anchor and a big part of your debt. Why not take Dave Ramsey’s advice and sell it? Then you can buy a “beater” for $1000 (or $2000), cover any difference in what you owe on the car, and end up with a lot less debt.

By: The Gooroo @ Finance Advisory Stop

The Gooroo @ Finance Advisory Stop — Wed, 22 Jul 2009 19:39:41 +0000

You will make it, don’t worry. Like others said, make sure to look for used textbooks. Brand new ones are ridiculously priced.

Selling your car may also be a good idea — going for something a little cheaper.

Keep up the good work, you can do it!

By: Jen

Jen — Wed, 22 Jul 2009 17:17:25 +0000

I agree – loose the expensive car. My old, $2000 Civic is perhaps the best $2000 I ever spent.

By: Jiggypete

Jiggypete — Wed, 22 Jul 2009 16:44:54 +0000

@Jen, yes, but there would be less debt. Cars are cheap now. If you sell the car and can get near the pay off, buy a cheap car, and move on from there, it will get them closer to the end goal of freedom. When doing this you are looking for the best $2000 car you can find.

By: mikey

mikey — Wed, 22 Jul 2009 15:29:27 +0000

WOOTWOOT! You go, Girl! (And Boy!)

By: Abigail's Mommy

Abigail's Mommy — Wed, 22 Jul 2009 15:15:10 +0000

Unless you buy the car under the book value.

By: Jen

Jen — Wed, 22 Jul 2009 14:42:33 +0000

Jiggypete – Cars depreciate greatly the minute you drive them off the lot. They wouldn’t be able to sell the car for the amount they owe. If they sold, they’d have to either transfer the remaining loan balance to a new loan on the newly bought car, or payoff the loan. Cars don’t appreciate. Everyone with a car loan is upside down on the car loan.

By: Nicole

Nicole — Wed, 22 Jul 2009 06:05:33 +0000

Go Beks! Go Beks!

By: John

John — Wed, 22 Jul 2009 05:31:45 +0000

GO!GO!Go! I know it’s like you’ll never get there, but you will. There were so many times when I thought I was going to make a break through and something would come up. One day you will reach your goal and it will be the best feeling.

By: Jiggypete

Jiggypete — Wed, 22 Jul 2009 03:01:22 +0000

Quick question that may have been addressed…why not sell the car and purchase something less expensive and reduce your overall debt?

By: Abby

Abby — Tue, 21 Jul 2009 21:03:21 +0000

Make sure you check out Amazon for used books. I’m guessing you don’t actually need brand new books, and Amazon is usually a lot cheaper. Just make sure you order them early enough so that you have them when classes start!