Car note upside down

[Kforce]

A cars value depreciates by age and miles. You drive a lot of mile per year.

For the number of miles you drive you need to take a 4 or 5 year car loan. Your next loan should be no more than 5 years. The problem here is you took a long loan with 0 or small down. The up side is that with proper maintenance and being kind to the car, most modern cars will get 150,000+ mile. You should be able to keep this car until it is paid off. If you trim the fat, as they say and pay a little extra monthly it will be paid off quicker and you will loose less interest. This hurts but is a life lesson that will make you stronger in the future.

[Anonymous]

Sorry so late in responding to this..had family issues going on.....anyway....the only baddies I have as far as collections/charge offs.... I have none of that....the only thing I have on my report other than high cc usage is an old school loan that was in late payments of 120 days.... That was back in October/November of 2011.

I have 4 cards reporting a balance and 4 with 0 balance.

My Citi Diamond is at 5600/7300
Chase is 2600/3000
Bank of America is 4100/4500
Simmons first is 6000/8000

It's bad, I know....

[Anonymous]

I forgot to add all my cards are at 0percent intro offer except Simmons is at 8percent.

[Anonymous]

0% interest doesn't mean much if you're overspending your income. 

I would sit down ASAP and print all your statements for the last 12 months everywhere and grab a highlighter pen and highlight anything you bought that you didn't actually need to survive and catch up.  Then don't make those spending errors in 2018.

Set up a spreadsheet with all your accounts and their utilization and work to pay them down to the lower thresholds equally before interest is due.  Also aim to put 10% of your income into savings each month no matter what (even if you have to eat ramen and sardines one week).  Don't touch the savings, ever.  It isn't for spending, it's for income loss moments.

Don't "live on debt" and make it a plan in 2018 to avoid all sorts of extra spending (restaurants, movies, etc) so you can attack this.  In 12 months, I bet you'll find yourself with stronger FICO scores AND avoid pain ahead.

You can do this, but you have to sit down and plan it out.  You also have to review all your spending in 2017 to see how much you didn't have to buy.

[Anonymous]

Oh and four cards zero balance... Lowe's limit 12k Quicksilver one 1250 and Quicksilver 1000 and Citi DC at 1000

[Anonymous]

Definitely create a utilization spreadsheet to track your individual utilization and aggregate.  It'll help you figure out what to pay down.  PM me if you need a spreadsheet template to start with.  You definitely want to learn about the breakpoints because individual cards with high utilization hurt your FICO scores a lot, as does aggregate utilization over 8.9% overall.

Your 0% interest cards are probably hurting you for the long run.  I generally tell folks not to do a 0% deal on more than one card or for more than you COULD pay off in 3-6 months.  If you CAN pay it off that fast, put the funds into a high interest savings account and pay it off the month before the 0% interest expires.  But don't do 0% interest if you can't pay it off fast, it's too risky.

The car I would just pay off as scheduled until you have a significant savings account built up "just in case" and work on your CCs better.  

[Anonymous]

Sounds like an awesome plan. I will pm you asap.