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Finance Question..

Me and my DH currently live with my parents. My mom has been really sick, so we moved in to help with bills, and the cooking.. All that kind of thing while she couldn't do any of that to keep them from losing their house.. We have two credit cards that are to the max, but that we pay every month and the only time we didn't pay them on time was over a year ago.. and that was only for a few months.. I pay my car payment, and the car insurance, and my DH pays child support but that's pretty much it. Do you think we can finance another car since we don't pay a mortgage or set rent or anything, even though we owe alot in credit card bills?

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Anonymous

Asked by Anonymous at 1:33 PM on Mar. 31, 2009 in Money & Work

Answers (4)
  • No you can't afford another car. I'm not a financial expert but I can see that you will dig a deeper hole if you do. Focus on paying off both of your card before getting another loan.
    Anonymous

    Answer by Anonymous at 1:59 PM on Mar. 31, 2009

  • Please don't get in any more debt. Thats the wrong way to do this. If you have some disposable income right now, then put it in savings. There are several online savings accts that are yielding 3 or 4 % return. Once you get about $3-5k saved, then you can go pay cash for a good used car and theres NO payment. If you can wait, please wait.
    momofsaee

    Answer by momofsaee at 2:26 PM on Mar. 31, 2009

  • Just a thought, Could you Mom get Social Security benifits? Maybe that could help out with some of the bills to free up some of your money.
    Yebbers

    Answer by Yebbers at 4:05 PM on Mar. 31, 2009

  • If you are unable to pay more on the balance of your credit cards, that tells the truth about whether you really have the money to add another obligation. Actually, the real story would be, if you are not able to be saving money for what ever reason, then the monies to buy a car and add more insurance, more upkeep, etc. won't be there.

    Always do the math, keep a written budget for at least 3 months and you will be able to see where all your income is going. :)
    lifeasinoit

    Answer by lifeasinoit at 10:40 PM on Mar. 31, 2009

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