> Basic rules: > 10% of your income to your my debt > 10% to savings
At the moment, if I did only 10% to debt we'd be in hot water pretty quickly. We're pushing about 36% out in debt service every month at the moment. If I can sell the car we're paying on that will knock it down to 28% (better, but still need to do some serious chopping). Granted, we are over-paying on some of those accounts to get them down faster, but even at the minimums we'd be at around 31% as it stands right now. > Unless you can sell your car for enough to pay off the loan, > you're better off keeping it. No point in having the debt > without having the car. Indeed, I've put it up for sale at just over what is owed on it and is also just a hair under what Kelly Blue Book says the private-party value is. I doubt a dealer or consignment shop would give me that much for it. Fortunately we live on a highly-trafficked road so there have already been a handful of people stopping by to look at it. I've kept it garaged and take very good care of my cars so it looks nearly new even though it's four years old. Here's to hoping I can sell it. I can afford the payments so there's no rush, but I'd rather not have to shell out for it every month. I'd be just as happy driving a jalopy around at the moment (especially since I work from home now). -Justi ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:335361 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
