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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Yeah! Date:  8/14/2003  2:42 PM
Author:  windyelliott Number:  167873 of 312188

Ok, Let's see if I can answer everyone's questions.

I sold the car because my divorce required it. The car was in both my ex's name and mine as was the loan. It was decided that it should be sold to ensure the loan was taking out of his name.

As for the additional debt with having the car, yes it is a larger loan, but it is also my "dream car" which I will keep for the next 10 years. So when I pay it off at the end of next year, it will be a good investment over the long term. And I had enough of a down payment that the car loan is not upside down (barely).

I see credit in a range of shades of grey. House loans being good debt, cars and student loans being slightly less good but not necessarily negative, the personal family loan as not good, and credit debt as downright evil. Therefore my focus was on the credit cards first. When this last one is paid off, I will then pay off my mom and then the student loan and car in that order.

So while I did actually add to my debt by getting the car, it is not a debt that I am unhappy with.

As for the house, I made an offer and it was accepted and I have signed a contract to buy it. We close on the 15th of September. It is my first house and I love it and can't wait to move in. It will also give me a much needed tax break next year, which at my salary level is very important.

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