| Question about 3rd loan??? |
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ellisjay2
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| Question about 3rd loan??? |
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I took out a loan from my credit union for 15k to purchase a vehicle, payments are now biweekly, at $144, used to be monthly $315, at 8 point something interest rate. Last winter I took out a personal loan for $500 which was deducted out of my paychecks and paid back fully. Now since I do not make as much as I used too I have gotten behind on a few bills, and was thinking of taking out a loan to pay a few off, but what im not sure of is will the credit union give me one since I have already taken out a 15K dollar loan that will take the longest to pay off compared to my first loan that was $500, Im not used to taking out loans and am still learning everything so maybe someone with more experience can give suggestions or opinions please..
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Fri Apr 24, 2009 9:50 pm |
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No-Brainer
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You are digging yourself into a hole that leads to bankruptcy my friend. Borrowing money to catch up is an endless cycle and too easy to lose control of. Why not just tighten up and tough it out, get an extra job or find some way to increase your income.
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Sat Apr 25, 2009 4:34 am |
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ellisjay2
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Even if its just a 6 or $700 dollar loan it woould really help right about now asap until i find a second job which is my main plan to balance things out, at the moment im in a very tight bind with no options other than get a loan to buy me more time.
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Sat Apr 25, 2009 9:52 pm |
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No-Brainer
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If the $500 was paid back as agreed and no longer there, why wouldn't they do it again for a little more? That's what they do to earn money.
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Sat Apr 25, 2009 10:32 pm |
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littleroc02us
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I used to play that game my friend. It only dug myself deeper into a hole. One day I opened up my mailbox and it was so full of letters from creditors I felt like I was trapped. What you need to do first is stop borrowing money and start figuring out a way to pay these bills off.
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Tue Apr 28, 2009 5:14 pm |
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oldguy
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quote:
loan from my credit union for 15k to purchase a vehicle
If you study the plight of most US workers that are drowning in debt, you will see a late-model car. The people of other nations buy small servicable cars and they drive them for a normal car life, ie 200,000 miles - they often own them for 25 years, But in the US the car is a status symbol - low wage earners buy new ones and trade them in only 5 or 6 years with only 75,000 miles on the odometer. Ironocally, millionaires often drive older cars - they like to avoid depreciation, and, becasue they are rich, they don't need to prove anything.
IMO your best course of action would be to sell the car and buy an affordable car. Your payments are nearly $4000/yr - the sooner that you get that stopped the sooner you can save up $4000.
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Sun May 17, 2009 4:10 pm |
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littleroc02us
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Oldguy couldn't be more right. Cars are status symbols to impress people who don't care about you, that you shouldn't be trying to impress. That isn't how rich people live. It's amazing how wealthy you become when you don't have any debt. Cars are a waste of money. Buy something used that will last you for a long time. Pay for it in cash.
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Mon May 18, 2009 2:27 pm |
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No-Brainer
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It's not the car that is the problem, it's going over your head with debt. Anyone who says expensive cars are foolish never owned a Mercedes. There is a huge difference that a 200,000 mile cheapo will never provide and it's not just status. You spend your money on whatever pleases you if you have enough.
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Mon May 18, 2009 2:39 pm |
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Greg Orlando
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Going for the 3rd loan fully depends on your payment capacity. If you think that the 3rd loan is a good choice meaning low interest rate which you always look for than go for it. Otherwise I would say look for the better options.
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Wed May 27, 2009 8:39 am |
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littleroc02us
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quote:
Originally posted by No-Brainer
It's not the car that is the problem, it's going over your head with debt. Anyone who says expensive cars are foolish never owned a Mercedes. There is a huge difference that a 200,000 mile cheapo will never provide and it's not just status. You spend your money on whatever pleases you if you have enough.
Good advice to this poster would be; if you are having problems with debt, than you shouldn't be buying things you cannot afford. A Mercedes would be a very bad idea and example for someone who is looking for advice about debt.
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Wed Jul 08, 2009 9:11 pm |
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No-Brainer
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quote:
Originally posted by littleroc02us
quote:
Originally posted by No-Brainer
It's not the car that is the problem, it's going over your head with debt. Anyone who says expensive cars are foolish never owned a Mercedes. There is a huge difference that a 200,000 mile cheapo will never provide and it's not just status. You spend your money on whatever pleases you if you have enough.
Good advice to this poster would be; if you are having problems with debt, than you shouldn't be buying things you cannot afford. A Mercedes would be a very bad idea and example for someone who is looking for advice about debt.
It wasn't intended to be advice, it was an analogy, and as a Mercedes owner several times, I can assure you it was a good one.
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Wed Jul 08, 2009 9:19 pm |
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jacktom
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Go to the lender and negotiate more favorables repayment terms
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Fri Sep 18, 2009 10:23 pm |
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