Vehicle debt

[Dfoster]

Thanks for all the feedback on this everyone

The truck is a 2011 Nissan Titan crew cab and it's just about to hit 90,000. I do use it for "truck" things but I wouldn't say anything is necessary, I mean I don't use it for work. On occasion I do get called from a self employed friend to haul something, for example for July he paid me about $200 for the few things I did for him. All in all I could survive with a car and use my trailer for things I would typically use a truck for. I bought the truck with the intention of not buying another for quite a while.

Currently I'm only working part time while doing online school and being with our youngest during the week while my wife works. What I'm getting at is that sometime this winter I will be done school and will be getting a full time job at a better pay rate. We've been getting by just fine since we started to budget, no struggling to buy groceries and have paid off 3 credit cards so far. We also decided my motorcycle wasn't necessary for the time being and are in the middle of making that sale. All this just to say ridding the truck debt is purely a debt thing, not imperative to help mortgage or food. I realize there are others much worse off.

Due to where we live it wouldn't be feasible to only have one vehicle. Doable short term but with 3 kids we are often needed in multiple places at the same time, as well as the fact that we don't live in town.

Seems it really boils down to how much we are willing to sacrifice and how soon we want to be debt free? I assume though we are best off in the mean time not focusing on the truck as much as the high interest credit card debt?

[hehateme000]

Give us your total financial picture and it will be a lot easier to help you. Depending on your goals could change the way you should attack your debt.

[disneysteve]

I assume though we are best off in the mean time not focusing on the truck as much as the high interest credit card debt?

It's all part of the big picture, though. If you can slash your car payment by 2/3, you free up a bunch of money that can be used to pay down the high interest CC debt. You can't look at any one piece of your situation in a vacuum.

The best way for us to give you advice would be for you to post your whole picture - income, debt, expenses, etc.

[TexasHusker]

This picture is changing completely as relevant facts are beginning to dribble in.

As it turns out, you already own a beater, with $20K of debt on it. I can't give you any sort of accurate value of that vehicle without more info:

4WD
Trim Level
Engine size
Options
Ever been painted / body work
Color
Condition

[scfr]

I'm thinking that hanging on to the truck until you finish school and land your next job might be the way to go. Once you have a full-time job, you may be able to get a better interest rate on your next vehicle purchase. And you'll have a better idea about what sort of vehicle you'll be needing for your commute or other work-related driving. You don't want to make another vehicle purchase that you end up regretting.

In the meantime, good plan to get that motorcycle sold! Do that as soon as you can, so that you can use the proceeds to pay down some of that high-interest credit card debt AND stop insuring the motorcycle (not to mention any maintenance or annual governmental fees you may be incurring).

[TexasHusker]

This thread taught me that by replying to a "long story short" thread, your advice is probably completely worthless. That's because there's a boat load of information that you don't have, but that you need in order to be helpful.

Let's see...why can't I came complete this puzzle? Oh I forgot ....there a more pieces in another box somewhere !

[disneysteve]

This thread taught me that by replying to a "long story short" thread, your advice is probably completely worthless. That's because there's a boat load of information that you don't have, but that you need in order to be helpful.

That's often a problem here, which is why many of us often respond by asking a bunch of additional questions. It's really impossible to give meaningful advice without knowing the bigger picture. Of course, I understand why someone, especially a new poster, may not feel comfortable coming to some random website and posting all of the details of their personal financial life. Unfortunately, without those details, we often don't have much to work with when attempting to help them.