Truck debt too much.

[bruce101]

Thank you for the update and hoping your anticipated promotion went through. What is the current balance on the Tacoma? Hope DW is doing well with pregnancy

currently owe 9k on the truck we paid off the cc so thats a relief.

[snafu]

Thank you for the update and hoping your anticipated promotion went through. What is the current balance on the Tacoma? Hope DW is doing well with pregnancy

[bruce101]

Um you do NOT need a new truck. You will have a baby and you have a car. You can drive what you have. Second, you will NO LONGER have time to drive Diatribes. You have a BABY. You will be tired, you will be focused on someone other than yourself.

You can have a child in 2 door car. I've done it and many others. You do not need a gas guzzling truck/suv/car. It is nice when it has airbags and safety features but that's just a plus.

Good luck. Seriously cars are big drain on building wealth.

I know its an urge that I'm getting over. I love my little truck anyways. Me and my wife are almost debt free hopefully within next year!!

[LivingAlmostLarge]

Um you do NOT need a new truck. You will have a baby and you have a car. You can drive what you have. Second, you will NO LONGER have time to drive Diatribes. You have a BABY. You will be tired, you will be focused on someone other than yourself.

You can have a child in 2 door car. I've done it and many others. You do not need a gas guzzling truck/suv/car. It is nice when it has airbags and safety features but that's just a plus.

Good luck. Seriously cars are big drain on building wealth.

A little update. So a few weeks after getting my cheaper truck we found out my wife was pregnant. We decided to keep my single cab truck since it would be paid off soon. Im about to get a promotion which will really help out our new family. Its been hard to resist the urge to buy a larger vehicle but I've been doing ok so far. Plus the 190 dollar car payment is nice compared to the one I was paying.

[bruce101]

A little update. So a few weeks after getting my cheaper truck we found out my wife was pregnant. We decided to keep my single cab truck since it would be paid off soon. Im about to get a promotion which will really help out our new family. Its been hard to resist the urge to buy a larger vehicle but I've been doing ok so far. Plus the 190 dollar car payment is nice compared to the one I was paying.

[Weird Tolkienish Figure]

Yes Im enjoying the truck and my bank account looking less swamped. Ive even had extra money to do some work to the truck to make it tip top. A guy at work just bought a 33k jeep. I tried to warn him and learn from my mistakes but oh well. I do miss the nice truck but this was a great decision and relived a lot of stress.

You could pay down your debt... especially the "bad debt", the high interest credit card debt... then look for a nice used or (if you can afford it) new truck?

[bruce101]

Yes Im enjoying the truck and my bank account looking less swamped. Ive even had extra money to do some work to the truck to make it tip top. A guy at work just bought a 33k jeep. I tried to warn him and learn from my mistakes but oh well. I do miss the nice truck but this was a great decision and relived a lot of stress.

[BudgetPronto]

I use my truck almost daily. Finding Someone who will pay 31k for a truck might be hard. I'll throw it on craigslist today.

That was a good move. Why own something that you cannot afford?

[bruce101]

I have 10 grand in a retirement account that I can't touch and then 1 grand in savings. Id use it towards the card but I like to have a little something in the bank even though its not a lot. Once the trucks paid off were going to save up and get ourself a nice savings blanket.

[disneysteve]

Was a better decision instead of a loan. The lowest interest rate on a personal loan is 14% plus a credit hit. Let me tell you 13k in debt feels a lot better than 33k I feel like I can manage it better and once the card is paid off hack away at the truck. I also get a bonus in October so thats a plus.

Oh, definitely. Erasing 20K in debt all at once is fantastic. And the 3K on the CC is a relatively small amount that you should be able to clean up pretty quickly, especially if you sell some stuff and rein in any excess spending for a couple of months. I think you've made a great move.

[Jluke]

Was a better decision instead of a loan. The lowest interest rate on a personal loan is 14% plus a credit hit. Let me tell you 13k in debt feels a lot better than 33k I feel like I can manage it better and once the card is paid off hack away at the truck. I also get a bonus in October so thats a plus.

Congrats on recognizing a large debt and taking quick actions to reduce it to a manageable amount.

I didn't see anything about your savings, but if you have an EF consider taking some of that to eliminate the 3k CC upfront, then rebuild EF.

[bruce101]

Was a better decision instead of a loan. The lowest interest rate on a personal loan is 14% plus a credit hit. Let me tell you 13k in debt feels a lot better than 33k I feel like I can manage it better and once the card is paid off hack away at the truck. I also get a bonus in October so thats a plus.

with the payoff plan and some lump sums of money ill get back from the gap and warranty from the tacoma i will only pay $100 in interest.

[bruce101]

That's great. The 11% CC is painful but at least you have a plan to pay it off quickly. Stay on top of that.

Was a better decision instead of a loan. The lowest interest rate on a personal loan is 14% plus a credit hit. Let me tell you 13k in debt feels a lot better than 33k I feel like I can manage it better and once the card is paid off hack away at the truck. I also get a bonus in October so thats a plus.

[disneysteve]

I sold the truck to toyota was negative 3 grand but put it on a cc that I had nothing on. My card has a 11% interest rate and I plan on selling some things to pay it off quickly. We ended up getting a single cab 2006 tacoma for 10 grand. It drives great and we are happy with it. We plan on paying it off as fast as possible and then we will be debt free.

That's great. The 11% CC is painful but at least you have a plan to pay it off quickly. Stay on top of that.

[bruce101]

Didn't use my truck to make money but me and my wife ride diatribes. Where we ride is free and close so the cost is minimal for the enjoyment we get doing something together.

I sold the truck to a dealership and they gave me full blue book was negative 3 grand but put it on a cc that had a zero balance. My card has a 11% interest rate and I plan on selling some things to pay it off quickly. We ended up getting a single cab 2006 tacoma for 10 grand. It drives great and we are happy with it. We plan on paying it off as fast as possible and then we will be debt free.