As much as I would like to bust your balls, I am not. It takes a lot of guts to admit to something like this and should be a lesson to others around here as to what life can be like.

I think I would have talked you into a cheaper car until your credit is better, but I really don't know your entire situation.

+1

And thank you for sharing that with us. Not everyone is willing to admit that, although there are PLENTY of people in that situation.
I was there too once, and it really sucked. I paid $400/month for 5 years on my '01 Galant. A four door frickin' Galant! USED!! I had it for 5 years, put <20K miles on it, added keyless entry and remote start, professionally upgraded the head unit, professionally installed amp and sub wiring, tinted the windows, new tires and battery right before the sale, and sold it to a kid who wanted to put a stereo in it (he was all set-up, plug and play), for $6000. Life sucks sometimes.

I tried to buy a house a few years back too, and I just couldn't do it. I got pre-approved for plenty and could afford it, but the interest rate was unbelievable. I just couldn't do it.

Young guys on here, heed the warning. Please! I've been there, done that, and it sucks. No way around it, it just plain sucks.

Yes, I now have an '08 GT that I will pay off (and mod) and can get an unsecured loan for just about whatever I want, but it was a long hard road to get here. 10 years in a steel mill, living in a campground for a year, living in my van (that I needed a co-signer for) in my buddy's driveway for a while, being luck enough to have a good paying job with good benefits, a lot of hard work, and joining the Army (in small part) all took part in my revival. It's much easier to just not dig the hole.

Credit is a big deal, and WILL come back to haunt you later. Trust me. Even the little stuff, like being late on the bills here and there (that's largely what killed me). It'll cost you THOUSANDS of dollars later.

congrats on paying your car off! Take half of what that payment was, and stick in an IRA for your retirement, cause you can bet yo ass, social security wont be there for you when you need it, then take the other half of that payment and start paying them credit cards off.

best thing to do, and this works for me..start with your lowest debt, and pay it off first, then take the money that went for the monthly payment on that debt and add it to the payment on your next debt, and just follow that until you're all cleared up...then don't get back in debt. pay cash for everything except a house if you can. pay stuff off lowest to highest.

once i get my accident settlement, all my debt is getting paid off, i'm using $4,000 to open a Roth IRA ($4k is max contribution per year)...then im stick half of whatever is left in a high yield savings account, then the other half is mine to do whatever with (e.g vacation, mod the mustang, order a hooker, go on Safari, etc), and I'm gonna help my parents out with some of their credit card debt.

keep the full coverage also, that way if something happens to her, you can replace her or at least get a good start with the money from the insurance company, also might not hurt to go get it appraised, and have it certified and notarized, and send a copy over to the insurance company, that way they have it on file, that way they can't low ball you in the event of an accident.

also I agree with the guys above TAKE CARE OF YOUR CREDIT. I went through bankruptcy when I was 22 because i was stupid, and reckless. That was in 2002, and it's been 5 years and everything since then has been perfect, and paid on time. I pay $354 a month for my mustang. $13,700 for 4 years @ 11.75% interest (not too bad for a bankruptcy, but still, kinda high really, but I won't complain). Since that bankruptcy I've had 11 loans, 2 of which are still open, and all have been paid on time, but there are still places I can't get credit such as Capitol One Credit Card, Firestone Tires Credit, etc...because of the bankrupcty. Not sure if I have 2 years left to go, or 5 years left on this bankruptcy, but once it's all done and over with, my credit will be perfect, and I will have 1 credit card with a balance of no more than $100 at any time, no more car payments, and no more signature loans, or car loans, etc. The only other loan in my future is a home mortgage and that's it. Everything else will be paid cash, and if I can't afford it, i damn sure don't need it.

Also as a 27 year old who never completed college...get your education before you play! Get a good career, that pays good, then you can have everything you ever wanted and more! I learned this hard way and am still learning it...but after I recuperate from my injuries I will be going to a tech school to learn computers so I can have a stable career.

Good advice on the credit everyone. I have learned to use credit as you would use a check. If you can't pay it off in one payment, don't purchase it. (unless it's an emergency situation). Car stuff only counts if your stranded and/or can't get transportation to and from work.. I was over 20 K in dept with 4 credit cards. I used my 401k to pay them off. Now my retirement is looking grim. But who knows how long I might live. 47 now and I also used 401 money for some stuff I can enjoy now. New pool last year was nice and the deck. Now vacations are in the backyard for at least one week each year. Anyhow, credit cards will hurt you unless you can pay them off right now.. I got 1 visa gold card that I use now, instead of 4 different cards. saved my self over 500 bucks a month in payments.. The future can wait as far as 401K is concerned

Yikes....lots of horror stories. Rebel, 401k loans are one thing (and not good because you pay double taxes), but early withdrawls are really tough as you pay taxes essentially three times. I hate to see that shit.

If you live by these rules, you will be golden:

1 - Keep transportation costs to 10% of your gross income (includes fuel, car payment, and insurance).

2 - Your total housing expenses should not exceed 25% of your gross income.(including ALL home related or rental related expenses).

3 - You should save 15% of your gross for your retirement. If you want to retire on $100,000 per year, you need $1.5M in your 401k. Think about that. $100k really aint a lot of money. You can cut-back on this 15% if you have a pension too, but most companies do not have both. You need to increase beyond the 15% if you are starting late in life to catch-up.

Now, if you think these numbers are crazy (and they are not), consider adding them all up. You get 40%. Now, factor in taxes. Between State, Fed, FICA, Local you end up at about another 30 - 50% depending on your tax bracket and your state. That does not leave much for anything else. Don't forget, you need to eat, pay for stuff, have kids, buy shrubs, clothes, etc....

Right now I'm putting in 12%. Cause my company matches 100% up to 12%. It's building back up again. Plus i will get a lil something from my company for retirement. At age 67(if I can make it that far). I should be set for at least 15 or 20 years beyond that.. And yes I did take a really big hit on my taxes last year. To the tune of almost 10 grand. But I have a good paying job and I between my wife and I we can make 75 grand a year with some overtime.. That's what I do most days. Work.. and try to survive that concrete floor everyday.. LOL.. :t: