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  1. #1
    still digging' my way out
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    Doh I need advice please.

    To make a long story short I have been in a relationship with a man for almost 3 years. He has apparently been bold faced lying to me for a great deal of the time. It's amazing what you learn about someone once you move in with them. When our lease is up I've decided to move back home, resign from my job to work part time elsewhere and go to school full time and finish my degree.

    Now here's where I need advice, our lease is not up until March, in the meantime I'd like to pay off my car loan as it's been the biggest pain in the rear. I will never.get.another.car.loan.again. I will forever pay cash for a vehicle here on out. I need to know if this is a good idea or do I pay off my other 2 small debts?

    My current debt is the following:
    Car loan 8k @ 16%
    Visa 3k @20%
    Student Loan @ 6%

    Also, if I pay off my car loan I can also drop my insurance to simple liability rather than full coverage.

    And now some advice for the single ladies, never put your hopes and dreams on hold for a man, I've wasted a year of my life on someone who never genuinely loved me to begin with.

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  3. #2
    Mod Squad
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    Default Re: I need advice please.

    never put your hopes and dreams on hold for a man,
    Been there and done that also but have learned and now in a great relationship, best to you on this venture.

    If it was me I would pay of the credit card first as it has the higher interest rate, then you would have the money you normally send to the credit card to pay off the other loans.

  4. #3
    Deal GURU
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    Default Re: I need advice please.

    You should always pay off the highest interest loan first (Visa). Once that is done, you can use the monthly money that you were paying on the Visa to pay extra on the car loan. Once that is paid off you can use all that money to pay on the Student Loans.

  5. #4
    What's a Budget?
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    Default Re: I need advice please.

    Credit card first, car second, student loans...well student loans are always good for building credit for a long run. If you don't have anything that is more than a couple years, you may want to consider not paying the student loan off, but paying it monthly to show that you can be responsible for a long term loan in the future....like a mortgage. Also, if you go back to school, doesn't the student loan get put on hold until you are out again? I thought I read something in the last few days that they were dropping the interest rate on student loans....does it include yours? You may want to make a few inquires to see what's up.

    Also, I know that paying full coverage insurance is sometimes a burden, but think of it this way....if you have an accident in a no fault state you will get nothing if you have an accident. Can you afford another car? If you still owe 8,000.00 are you willing to give up your investment over a few hundred a year? it's a catch 22 but if you can't afford to buy another one you need to keep the full insurance package. My husband and I don't drop the full coverage until the car falls under 3,000.00 in value.

    Hope this helped and good luck.

  6. #5
    Budget101 Done Digging
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    Default Re: I need advice please.

    I feel for you on this sitution. I've had my troubles over the years too. But I keep on moving forward. Take the advise from the ladys here, they are smart cookies. The visa should be taken care of asap.
    Tonia

    Wisdom is doing now what you will be happy with later on.

  7. #6
    Deal GURU
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    Default Re: I need advice please.

    Take a deep breath! We all make mistakes- some are more painful than others! Forget the interest rate and pay off the smallest balance first. As soon as it's gone start on the next smallest one until they are all gone. When they are all gone get an emergency saving plan going. Start with $1000 and build up from there to a 6 month savings to pay all expenses. I had ours up to a 3 month level when all heck broke out here- car woes, AC died, and fridge went out all the same week. Trying to rebuild but stuff keeps piling up! I paid off $180,000 in debt in 2 1/2 years with our income cut 70% and DH off in Afganistan, us left here homeless with 5 kids. I survived 2 years I can hardly remember but I remember talking to the credit card person who we owed $353 to and they agreed to take half and close the acct. Oh happy day! $50 less owed each month. It took 8 months before I could finally breath and sleep at night but by the time DH came home we were out of debt and the kids and I had built a pole barn to live in. No more loans, cash only please! I don't know how we'd make it now if we had debts with everything falling apart at the same time! You can do it! Hopefully by March you'll be in much better shape to start over. While you are toughing out until then grab an extra job to help pay off a little more-- see less of you know who too! Good luck!

  8. #7
    still digging' my way out
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    Default Re: I need advice please.

    Brchbell, you need to write a book, that sounds very interesting!! Do you have a blog? How inspirational!

  9. #8
    Deal GURU
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    Default Re: I need advice please.

    Quote Originally Posted by PennyPincher View Post
    Brchbell, you need to write a book, that sounds very interesting!! Do you have a blog? How inspirational!
    My only blog is right here on budget 101 that lets me blow off some steam when I need to! I do have several filled journals to leave my kids some day. I have learned over my life time that women are special. No matter what we face, we can and do handle it. We might think we can't but we do over and over again.

 

 
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