No wonder...

[brad10281]

so many americans file for bankruptcy. Just before my discharge I had to buy a new car to replace the one that got repo'd. I was able to pay cash and get a pretty nice car. My other car is 7.5 years old and has 192,000 miles and it's falling apart. We found a good/great deal on an almost new car so I applied for financing (less than 3 months after discharge). Apparently there was no problem getting me financed and I was offered a used car loan at 7%. I do have a nice down payment available which may have helped but so far this bk stuff is not slowing me down...until they come for my house anyways.

Now my dilemma is...do I want to go back into debt???

[epiphany]

One car does not a bankruptcy make. It's a necessity. Or is it for you? If you are thinking about going beyond what is necessary right now, check yourself.

This is going to be hard for a while but so worth it to remain out of debt.

Best of luck to you.

ep

[frogger]

Now my dilemma is...do I want to go back into debt???

Easy answer. No!

[nc73]

I think one car payment is ok. Anymore is asking for trouble, unless you make lots of money.

[mamaluv]

I think one car payment is ok. Anymore is asking for trouble, unless you make lots of money.

I agree. I assume since you said 'we found a good deal' this car would be for your spouse. As long as you are not overextending yourself with the payment I don't see a problem. You can always pay extra to get it paid off faster.

I currently have a car payment for a car that I reaffirmed, I have no problem with the amount and have never been late. I only have 8 payments left and I am looking forward to it being paid off.

[banca rotta]

Now my dilemma is...do I want to go back into debt???

For a car? Probably not.

I no longer feel that debt is the worst thing in the world and it may actually be a good thing with the coming hyperinflation that we will all witness, but I still don't like any consumer debts, cars included.


Good luck!

[BCA2009]

I think one car payment is ok. Anymore is asking for trouble, unless you make lots of money.

Slippery Slope! Everyone has to do what they think is best for them, but when you start making excuses why something is "OK", it's easy to rationalize anything.

[brad10281]

Well, I'm far from being over extended since I'm not making a house payment anymore. It's hard to make a decision like this when you aren't sure where you're going to be living in the coming months. Haven't made a house payment in 7 or 8 months and we haven't heard a thing from the bank yet.

We took out the loan for the vehicle, we'll pay as much as possible while we have the money and hopefully get it paid off in just over 1 year.

Now that we have fairly new & reliable vehicles everything else is breaking down on us. I got a stove, dryer and lawnmower that all died within a month of each other. It's always something! When does it end?