Help me spend my car payment!

[Anonymous]

A friendly poster here. Sometimes when you feel like you are doing well, (you or your spouse) you don't think about where the $ is going. I started listening to Dave Ramsey, and realized I was one of these people who wasn't minding my $. I am now on a budget (YNAB, google that if you don't know what it means), and I listen to Dave Ramsey's podcast everyday. I know know where every single dollar I am earning is going. I am in a debt snowball to pay off my lingering debts. It has forced me to realize how much of my money I was spending without thinking about it. If you and your spouse sit down and do this, it might be the "wake up" call you need. You likely are blowing through your money in crazy, yet normal ways. Dining out, coffee trips, etc. Once you start minding your money down to the dollar (via a budget) you will see how much money you have and you should be out of debt soon.

You both have to be on board, but it's worth it. First you pay off your debts smallest to largest. Then you build an emergency fund of 3-6 months of expenses. Then you start saving for the next car (avoiding future debt), while also saving for college, retirement and then paying off your house. You can do it, you just need a plan. Right now, you don't have a plan but you can make the decision to change that right now.

[Anonymous]

OP you're an idiot.

[Anonymous]

That's a ton of debt and with high interest. Wow! If I were you, I'd open a new credit card and transfer the balance at 0% interest for one year. Transfer as much as you can. Even do a second 0% if you can and transfer the rest. Pay it off with every extra penny you have. This debt is out of control!

[Anonymous]

Anonymous wrote:A friendly poster here. Sometimes when you feel like you are doing well, (you or your spouse) you don't think about where the $ is going. I started listening to Dave Ramsey, and realized I was one of these people who wasn't minding my $. I am now on a budget (YNAB, google that if you don't know what it means), and I listen to Dave Ramsey's podcast everyday. I know know where every single dollar I am earning is going. I am in a debt snowball to pay off my lingering debts. It has forced me to realize how much of my money I was spending without thinking about it. If you and your spouse sit down and do this, it might be the "wake up" call you need. You likely are blowing through your money in crazy, yet normal ways. Dining out, coffee trips, etc. Once you start minding your money down to the dollar (via a budget) you will see how much money you have and you should be out of debt soon.

You both have to be on board, but it's worth it. First you pay off your debts smallest to largest. Then you build an emergency fund of 3-6 months of expenses. Then you start saving for the next car (avoiding future debt), while also saving for college, retirement and then paying off your house. You can do it, you just need a plan. Right now, you don't have a plan but you can make the decision to change that right now.

OP, if you are even still reading, this poster is spot on.

[Anonymous]

The fact that so many people are baffled by the credit card debt OP has says more about DCUM than OP. Most Americans have significant credit card debt.

In any case, OP, I'd do Amex first then work down through the interest rates. DO NOT buy a new car or set aside more money for savings.

And... having one card at its max isn't what's killing your credit score unless you're missing payments or something. Your credit score is based on debt utilization, which is the total amount owed/the total amount of credit available to you (so: all credit card balances summed/all credit card limits summed). So, even if you pay off $500 of that $9000, it's not going to help any more than paying off $500 of any other card.