Re: Money smart guys… what would you do?
[Re: Crortvedt05]
#7647648
08/11/22 04:05 PM
08/11/22 04:05 PM
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Joined: Dec 2006
Posts: 30,044 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
Joined: Dec 2006
Posts: 30,044
williamsburg ks
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Sounds like you got a good head on your shoulders. I think you will be fine. We all learn as we go.
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: Money smart guys… what would you do?
[Re: coondagger2]
#7647652
08/11/22 04:08 PM
08/11/22 04:08 PM
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Joined: Dec 2006
Posts: 481 Montana
Deerkiller
trapper
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trapper
Joined: Dec 2006
Posts: 481
Montana
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I think it is bad advice to get another credit card. The "free money" mentality is dangerous. Just my opinion! You pay one off with the other to keep the interest low. If you can control your self and work the bank against each other you win. Why pay 29% on a card when you can shop around and get another one for 0%-3%the first year.
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Re: Money smart guys… what would you do?
[Re: Crortvedt05]
#7647656
08/11/22 04:10 PM
08/11/22 04:10 PM
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Joined: Dec 2006
Posts: 21,239 St. Louis Co, Mo
BigBob
trapper
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trapper
Joined: Dec 2006
Posts: 21,239
St. Louis Co, Mo
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Really a great time to suck it up and do the Pioneer thing, "Make it, make do, or do without." I've lived my whole life this way, (73 yrs old), Might not be so much fun at first, but you get used to it. Stay home, work around the house. Eat at home, go hunting/fishing, (cheap food), buy specials, dented cans and mark down meat. Got a public Library near you, they have all kinds of books, DVD's, special programs for something to do. PUT THAT CARD IN A DEEEEEP POCKET AND LEAVE IT THERE, UNLESS A DIRE EMERGENCY. You can do anything for 1 year, and when your free and clear, take a deep breath and enjoy, just don't go crazy.
Every kid needs a Dog and a Curmudgeon.
Remember Bowe Bergdahl, the traitor.
Beware! Jill Pudlewski, Ron Oates and Keven Begesse are liars and thiefs!
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Re: Money smart guys… what would you do?
[Re: Crortvedt05]
#7647663
08/11/22 04:18 PM
08/11/22 04:18 PM
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Joined: May 2018
Posts: 11,219 SW Georgia
Wanna Be
trapper
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trapper
Joined: May 2018
Posts: 11,219
SW Georgia
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Get a debit card instead of a credit card…if you don’t have it to spend then you don’t need it. You probably really don’t want real advice, but if you do then cut out everything from your life except absolute necessity. If you drink alcohol or even soft drinks…quit. If you smoke or dip or chew…quit. Hamburger helper for the next year is your friend. Wild game is your friend. Cut out all spending unless your absolute life depends on it.
It can be done, if you do your part. Does it suck? Yeah, but once you pull it off, you’ll look at spending an entirely different way. You’ll learn and start saving for things you want. The hard part then is actually spending the money you have saved, lol. Think I’m joking, lol? Wait until you get to that point. I’m not saying live like a hermit the rest of your life, but be smart after this debt is paid.
And NO I wouldn’t sell anything.
Last edited by Wanna Be; 08/11/22 04:29 PM.
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Re: Money smart guys… what would you do?
[Re: Trapset]
#7647696
08/11/22 04:47 PM
08/11/22 04:47 PM
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Joined: Feb 2014
Posts: 13,307 Ky
jbyrd63
trapper
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trapper
Joined: Feb 2014
Posts: 13,307
Ky
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I would sell truck and pay everything off then burn the card. I could be wrong but, “use towards paying off card”scares me a bit. Use it “for” paying off card 100%. Then get rid of the card. I doubt it will be 0 interest for the next 12 months anyway. They set you up to fail, then zoom to 21%. So he sells his truck . He going to walk or roll the dice on getting one that will run until he gets it paid off? IT IS contracted for ZERO interest for 12 months. LEAVE IT ALONE !!!
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Re: Money smart guys… what would you do?
[Re: Wanna Be]
#7647702
08/11/22 04:52 PM
08/11/22 04:52 PM
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Joined: Feb 2014
Posts: 13,307 Ky
jbyrd63
trapper
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trapper
Joined: Feb 2014
Posts: 13,307
Ky
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Get a debit card instead of a credit card…if you don’t have it to spend then you don’t need it. You probably really don’t want real advice, but if you do then cut out everything from your life except absolute necessity. If you drink alcohol or even soft drinks…quit. If you smoke or dip or chew…quit. Hamburger helper for the next year is your friend. Wild game is your friend. Cut out all spending unless your absolute life depends on it.
It can be done, if you do your part. Does it suck? Yeah, but once you pull it off, you’ll look at spending an entirely different way. You’ll learn and start saving for things you want. The hard part then is actually spending the money you have saved, lol. Think I’m joking, lol? Wait until you get to that point. I’m not saying live like a hermit the rest of your life, but be smart after this debt is paid.
And NO I wouldn’t sell anything. X 1000% !!! Took my lunch to work for 8 years . Vienna sausage or lunch meat on sale that week. After my bills I had 25 bucks to get thru the week on. Got paid my vacation days to pay my insurance and taxes on my vehicles for 5 years. How much vaca do you get? Maybe take 1 week and get paid for the other and keep working. ? But kids today can't do without. But the fact your asking about it means your thinking in the right direction.
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Re: Money smart guys… what would you do?
[Re: Crortvedt05]
#7647718
08/11/22 05:10 PM
08/11/22 05:10 PM
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Joined: Jul 2017
Posts: 2,672 Ohio
Willy Firewood
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trapper
Joined: Jul 2017
Posts: 2,672
Ohio
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The credit card may be interest free, but if not a zero balance on the anniversary date, they may hit you with retroactive interest back to the beginning. Some do, some don’t.
Read the fine print.
FRAC LIVES MATTER
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Re: Money smart guys… what would you do?
[Re: Crortvedt05]
#7647744
08/11/22 06:00 PM
08/11/22 06:00 PM
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Joined: Dec 2020
Posts: 1,787 Wisconsin
Scott__aR
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trapper
Joined: Dec 2020
Posts: 1,787
Wisconsin
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You won't buy much of a truck for $11000 in today's market!
Keep the current truck loan or refinance? Only you can decide ... apparently there is equity in the truck you could tap into to pay on your other loans, use as an emergency fund, etc. Does it make sense to lower the truck payment with a longer term loan or get cash to have the money to pay on other bills with at same or higher payments over a longer term??? Will the current equity in your truck remain as it is today into the future??? Look at what is already happening in the housing markets.
Credit card ... you have 12 months of using someone else's money, use it! Have a plan to pay the balance off at the end of 12 months. Don't count on interest free cards in 12 months with inflation and raising fed rates. Since it's free money, pay 3% monthly on the credit card balance and pocket the rest to built a credit rating and savings balance to pay the credit card off in 12 months in a lump sum.
If you don't have the ability to follow through on a financial plan (it appears you do), then it's better to pay everything off as fast as you can, credit card first, but put some away for an future emergency fund too.
Megapredator ... top of the food chain! Member of WTA Member of MTPCA Member of NTA
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Re: Money smart guys… what would you do?
[Re: Crortvedt05]
#7647755
08/11/22 06:24 PM
08/11/22 06:24 PM
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Joined: Jan 2011
Posts: 487 Southeast KY
K91773
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trapper
Joined: Jan 2011
Posts: 487
Southeast KY
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A couple of questions first, do you have to have the truck for work or other income producing endeavors beyond just transportation to and from work? The second question is your wife's car paid for? Thirdly does your job have a fixed schedule and can you earn overtime?
If the answer to question one is that it is required for work or other income producing activities then keep the truck as you know what you have and how it has been maintained, it does little good to sell your truck, pay off your debt, buy a beater truck and then not be able to work because your truck is broken down. Now if the answer is that it is only transportation, sell the truck, pay the truck off and buy a dependable but older car as they are much cheaper than trucks right now. In the future when you get your feet under you a little better you can purchase another truck. I know it is sometimes difficult to be without a truck.
If your wife's car is paid for then that is great, either way start setting aside money every month for vehicle expenses as they are predictable. If her car is not paid for that needs to be paid off ASAP if it is having mechanical problems, having a car payment and a mechanic bill is a real bummer.
Now if your job has a fixed schedule see if overtime is available, if overtime is not available pick up a part time job until you get things in order. I know it is difficult being away and working the extra hours but you are at a turning point where you can set yourself up to do really well or get yourself in a financial mess that may take years to straighten out, it sounds like you realize this.
Now about the credit card, pay it off before it starts accumulating interest as that will snow you under quickly. Do not put anything else on it and make you and your wife a vow that the next time that you can't pay the entire balance at the end of the month that you will cancel the account and not get another credit card. I use a rewards card for most of my necessary purchases but it is always paid off at the end of the month and in the years that I have had it I have not paid them a penny in interest and have gotten hundreds of dollars of merchandise that I would have bought anyway with the rewards points.
Finally, get on a budget that you and your wife both work out and stick to it, it will take a few months to get it set up exactly as to what expenses goes in each category but stick with it until you get it ironed out.
Look into Dave Ramseys money management program, the stuff I have listed above isn't exactly in line with what he teaches but sort of follows his program, (he wouldn't be in favor of the rewards card) but he gives solid baseline advice that will help you get out of debt and stay that way. Keep an open mind even if you don't adopt his program it will make you think.
I hope your are able to sort through this and prosper.
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Re: Money smart guys… what would you do?
[Re: Crortvedt05]
#7647761
08/11/22 06:33 PM
08/11/22 06:33 PM
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Joined: Sep 2010
Posts: 2,797 Northern lower Michigan
Feedinggrounds
trapper
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trapper
Joined: Sep 2010
Posts: 2,797
Northern lower Michigan
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As far as an older truck, money saved on payments could buy a few truck parts with some left over. Are you able to keep up with repairs yourself? A older truck can be in pretty good shape if one seriously shops around. You need a side hustle to bump income too. Patience to let your efforts to bear fruit.
you're only allowed so many sunrises... I aim to see every one of them!
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Re: Money smart guys… what would you do?
[Re: jbyrd63]
#7647763
08/11/22 06:34 PM
08/11/22 06:34 PM
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Joined: Aug 2021
Posts: 1,473 Over there.
Flicker Shad
trapper
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trapper
Joined: Aug 2021
Posts: 1,473
Over there.
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Can't go back but going in debt on a wedding was your first "start out in a hole" mistake. If the truck is in good shape KEEP IT . the ones you might get could nickel and dime you to death. Ride the interest free card til the end but try not to add anything to it. In todays world it is tough to try to save . Little things pop up that have to be paid. Good luck and do what's best for you and your new bride. You will hear everything on here on what to do and not do. But no one including myself knows exactly what your bills are. It's not hard to save when your out of debt and have a budget. Ask me how I know.
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Re: Money smart guys… what would you do?
[Re: jbyrd63]
#7647765
08/11/22 06:36 PM
08/11/22 06:36 PM
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Joined: Jan 2009
Posts: 4,582 Nebraska
Trapset
trapper
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trapper
Joined: Jan 2009
Posts: 4,582
Nebraska
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I would sell truck and pay everything off then burn the card. I could be wrong but, “use towards paying off card”scares me a bit. Use it “for” paying off card 100%. Then get rid of the card. I doubt it will be 0 interest for the next 12 months anyway. They set you up to fail, then zoom to 21%. So he sells his truck . He going to walk or roll the dice on getting one that will run until he gets it paid off? IT IS contracted for ZERO interest for 12 months. LEAVE IT ALONE !!! 1st time a payment is 1 day late or the credit limit is exceeded the interest jumps to the max. Plus penalty. The average person is no match for CC introductory offers. Including me, only way to win is not to play/pay.
Last edited by Trapset; 08/11/22 06:36 PM.
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