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The rate on my 10k personal loan is 4% (high 3's actually).
I didn't mention the 48k because it was a generous gift. The 48k is what our parents gave us for a wedding, but we decided with their blessing to pass on an expensive, grand wedding to have a cheaper, more intimate ceremony and keep the money as a gift from them. My personal loan already existed before this gift.
No doubt.
I'm retired in NC and don't recommend it to any working age person who has a choice.
But I didn't say go south. Did I? I said mid west and I'm sticking with that.
Insisting on remaining in overly expensive CT is betting that he'll get to the big bucks level there.
How realistic is that to happen any time soon?
That plus the $20,000 will do a LOT about the debt.
Either way... keep piling up the savings.
Thanks for your opinion, but his career would not thrive in the Midwest. We really have to be around CT and NYC. Moving away from the area is NOT an option at this point.
He does have a lot of opportunity to make good money in the near future.
Our debt is what's hurting us. We both have high car payments, both of which are 0% interest - about $500/month for each vehicle. We both received decent jobs out of college and bought expensive vehicles. Not smart, I know. Thought about selling the car and buying a cheaper one, but I would end up losing money on it (upside down). He also has student loans, and I have a personal loan (consolidated debt) of $10,000 for which I pay about $400/month. That's $900/month debt just for me.
it!
-k
That is a guarantee. You WILL lose money on the car. Vehicles are generally not an investment, so don't think of it as one. You can sell it now and lose $, or sell it later, and you'll still lose $$. However if you bought a paid off car, and spent 100 dollars in repairs every month, you'd be 400 bucks ahead every month, not to mention insurance should be cheaper.
What's concerning is the 10 grand in personal loan. You sure do like to borrow money, and pay dearly for it.
Sounds like your fiance works for a hedge fund, so I'm going to assume you're moving to the Fairfield/Stamford area since that is where most of the hedge funds are located.
Connecticut is a great state...if you can afford it. Unfortunately right now, you can't afford it. Even with no debt, an income of 110k and a down payment of 20-30k will still only get you very modest house that will need work. I'm really not sure where you are looking that you're finding starter homes for $250-300k. Certainly not anywhere near Stamford, where starter homes are double that.
It sounds like you're pretty well established in CT, so recommending you quit your jobs and move is irresponsible at best. IMO, try your hardest to find a cheap rental near work that will allow dogs. Spend a few years paying everything off, and stow away as much money as you can. By then, maybe your fiance will have been promoted and your income will double. In that case, you might be able to afford the Stamford area.
That is a guarantee. You WILL lose money on the car. Vehicles are generally not an investment, so don't think of it as one. You can sell it now and lose $, or sell it later, and you'll still lose $$. However if you bought a paid off car, and spent 100 dollars in repairs every month, you'd be 400 bucks ahead every month, not to mention insurance should be cheaper.
What's concerning is the 10 grand in personal loan. You sure do like to borrow money, and pay dearly for it.
I will lose money because I will have to roll over about 5k toward any new loan.
And please hold your judgments regarding my personal loan. It was not irresponsible spending, I can guarantee that. It was medical related and was transferred to a personal loan.
Kidyankee we will be working in Darien and Norwalk. We are looking at homes in Trumbull.
That is a guarantee. You WILL lose money on the car. Vehicles are generally not an investment, so don't think of it as one. You can sell it now and lose $, or sell it later, and you'll still lose $$. However if you bought a paid off car, and spent 100 dollars in repairs every month, you'd be 400 bucks ahead every month, not to mention insurance should be cheaper.
What's concerning is the 10 grand in personal loan. You sure do like to borrow money, and pay dearly for it.
I see where you are coming from but selling an upside down new car that has a 0% interest loan to buy cheap unreliable old car doesn't make financial sense to me. That decision (buying a slightly used car) should have been made before not NOW.
I think now is the time to get rid of debt and move on.
I see where you are coming from but selling an upside down new car that has a 0% interest loan to buy cheap unreliable old car doesn't make financial sense to me. That decision (buying a slightly used car) should have been made before not NOW.
I think now is the time to get rid of debt and move on.
I agree. It sounds like the OP is making 70k and decided they want to drive the car of a millionaire. It's very typical with that generation. Especially in "keep up with the joneses" areas.
Keep the car, pay it down, pay your debt, and then talk home loan.
Don't pay too much mind to the clueless Calvinists. Debt is like a chainsaw. Used properly, it's a wonderful tool. Used improperly, it can really mess you up. It sounds to me like you are well-positioned at this point and headed in sensible directions. Tip of the hat so far, and just keep your wits about you going forward.
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