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Debt Question. I need honest answers!

Hi. After adding up all of my bills, we are in debt 6,500 dollars. It doesn't sound that bad, but it really is because of high interest rates. A year ago, I was put on strong fertility drugs that wiped out our bank accounts and savings. I lost my infant son a few hours after his birth due to birth defects and after his funeral costs, we are in debt. I drive a nice 2002 explorer and my husband drives a 1992 Volvo. It is so broken down and barely runs. We also have a credit card that the debt is about 2600. My idea was, sell my car and pay it the rest of the way off and pay off my credit card and loan debt to get my credit to where it should be and then sell his car and buy two cheaper cars around 3,000 a piece. We can borrow my moms car while I sell ours, but that way, to get us out of debt where the interest rates are high and get him a reliable vehicle to drive. What do you think?

Answer Question

Asked by Anonymous at 11:18 AM on Sep. 18, 2009 in Relationships

Answers (5)
  • First of all, sorry that you have been through all this. Secondly...kudos to you for being proactive and really trying to get yourself back on track. I commend you for being so responsible.

    Answer by Anonymous at 11:20 AM on Sep. 18, 2009

  • Sounds like a good plan, but since you'd have to pay off your car anyway, wouldn't it make sense to keep it?

    Answer by Anonymous at 11:21 AM on Sep. 18, 2009

  • sounds like a good plan

    Answer by mommymeg03 at 11:26 AM on Sep. 18, 2009

  • I'd keep your car since it probably isn't amazing on gas and your paying if off anyway. I don't think anyone will buy it for what you'd ask for it.

    Answer by SaraP1989 at 11:29 AM on Sep. 18, 2009

  • You might not get much out of your cars when you sell them. Find out exactly how much you can get out of them.

    Another idea to get out of debt is to put all your money into the one with the highest interest rate and pay it off, then take the extra money from that one and pay off the next one, and so on and so forth until you get completely out of debt.

    Answer by Cavalrybaby02 at 11:29 AM on Sep. 18, 2009

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