SOMETIMES IT'S HARD.
Quote from: princeyanni on May 25, 2007, 01:06:29 AMand i owe 20K on my car. Are you freaking kidding me? You make $24,000 a year, and you owe $20k on a car? You should sell your car. Buy a $2k car, and never buy a new car again. You wonder why you have no money? Even though you "sold everything you own," you kept your car, and are still living way above your means. Even if you sell your car, and are in the hole a few thousand dollars, you can take out a loan for the difference plus 2k for a new car. Instead of having 20k in car debt, you now have 5k. Your payments will be way lower, and you'll be able to put more money towards your credit card payments.From what I understand, no school will increase your student loan amount in order to allow you to make credit card payments. Subsidized loans are not meant for credit card debt. Most schools recommend that you pay off all credit card debt before entering law school. You are not bankrupt, you are simply living way above your means. It is totally rediculous that you bring home $2k a month, and only have $300 left after a car payment, insurance, credit card, and phone bill, when you are living rent-free with your parents. You cannot afford your car. It's as simple as that. I also recommend you get a second job this summer before school starts in the fall. Wake up early and lift boxes before work at UPS. Or, deliver pizzas at night when you get off. You could easily make an additional 1-2k per month doing this. If it's only for the summer, it'll be easy and you'll be able to pay off (and cut up) some of your credit cards in the process.
and i owe 20K on my car.