Actually, your point of "selling your car" won't work. I'm upside down on the load...which means I owe $6000 more than what it's worth! I can't sell it because the auto finance company won't let me.
My thought is to eliminate up to $300/month or more in payments from my vehicle (it's a large SUV). I'll have that saved, but I'll still have about $400/month in CC debt. The reason to pay off the car is to save about $200/month - which could be used to pay down the CC debt faster. Plus, the added benefit of owning the SUV outright and having the ability to sell it. I'd get a tiny economy car that's good on gas.
I'd be trading debts, but instead of a locked payment on the car I'll have a decreasing balance on all my CC over the next 12 months before the new rates kick in. I could pay off about $6000 in 12 months with the added savings from doing this debt shuffle.
Does that make any sense?
Thank you all again!
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