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Exhaust Savings to Pay Off Credit Card?

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    #16
    Originally posted by Coronet View Post
    I can't provide sound financial advice, but your Focus troubles reminded me of my Focus troubles!

    I had a 2005 Focus until February of this year. 65,000 miles on it. Bought it new in 2005. In the time I had it it had two transmission failures. One at 40k miles that was covered under the 5year/50k warranty. The second at 65k that was going to cost me $3500 to repair. Both times when I asked the mechanics if this was "common" they both shrugged and said it was common for Focuses from the 2004-2006 era to have transmission issues. Since my 2005 Focus was only valued from Kelly Blue Book at around $4500 and the repair was $3500, I turned in the towel and traded it in for a much more reliable Subaru. I had nothing but mechanical problem after mechanical problem with my focus in the 6 years I owned it and I took great care of it. People were startled when I told them about all the issues I had with it considering I took very good care of it/never missed check-ups/tune-ups.

    Since 2005:
    - Two transmission failures
    - Failed alternator
    - Car batteries died multiple times
    - Rotors worn down twice (I don't drive very aggressively, and my break pads were changed frequently, so I don't understand this)
    - Air conditioning fluid leaked out twice
    - Back window defroster electrical malfunction

    Sorry to hear about your car issues.
    Wow. I drive a 2005 Focus and haven't had any major problems since I bought it four years ago...I'm hoping you just got a bad one or something.

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      #17
      Pay Off the Debt Save in the Long Run

      I would pay it off immediately--the interest you are saving is like paying yourself in the long run.

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        #18
        My advise - pay off your credit card. There's almost no chance that you can do something with those money that would make you close to 30% a year you are paying in interest. An actual amount in inconsequential. $3,000 or $300,000 it doesn't matter. 30% interest is still 30% interest. So I would say pay cc off and if you ran into cash trouble again charge your expenses back on the credit card. At least you will have 30 days interest free to figure out where to get the money to pay off those charges

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          #19
          I know this thread is older, and I don't know what you've done since then. But from what I've learned from people like Suze Orman and Harvey Warren (drop debt coach) and other debt articles, you should probably just pay off your credit card first. Especially if you have a high interest rate like that!

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