No. of Recommendations: 31
You will find with something like a phone people make excuses "well if I cancel my contract they will charge me $200!!!" So freaking what? If, for example, your phone costs you $150 a month now, and if you cancel and go to a prepaid phone for $20 a month, it takes you two months to recoup the cancellation fee. But all people focus on is that cancellation fee.

So find out the cancellation fees and calculate how long it will take you to recoup the cancellation fee.

For the auto loan you are ignoring something important. Yes the loan holder wants the entire balance paid right at the time of sale. So? That doesn't preclude you from getting a signature loan for the difference and paying them off that way. Now you have a signature loan for $3,000 vs. a car loan for $20,000. Yes you still have debt, but you just cut it by quite a bit. Yes, it means public transportation and being a one car family. But you need to feel some discomfort after getting yourself into this mess.

Stop thinking about why things won't work. Figure out how you are going to MAKE THEM work. You got yourself into this mess, you CAN get yourself out of it. You'll be surprised with what you can accomplish when you combine critical analysis, a positive attitude, and some plain old fashioned tenacity.

Lara Amber
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement