Comments | psychogryphon: Car Payments

psychogryphon

Car Payments

Aug 13, 2007 08:21

I found out about 1/2 a month ago that I have VERY FEW car payments to left to pay (about 4 to be "exact"). "What does this mean?" I asked myself (as you might just be doing now)... Well, I was talking to Mom when this whole thing came up and she informed me it means that GMAC will have to hand over the title to the car..... "And..?" I said - ( Read more... )

Comments 4

GMAC spk1121 August 19 2007, 19:54:25 UTC

Sweet! More available funds = awesome. :)

Something else schnibbles August 20 2007, 16:19:39 UTC

I can use that money for something else!!!!!!!!!!!!!!!
That being said, you will really use it for something else, yes? I'm sure you discussed this with Mom, but just in case... The best way chisel away debt is that when you finish with one thing, continue paying out the same amount you've been used to (unless that was too much to begin with). Also, always pay as much as you can to loans/credit cards with the highest interest rate.

Re: Something else psychogryphon August 20 2007, 17:17:26 UTC

We actually didn't discuss it, but yes, that was my plan.. or there abouts. I'm also going to start putting more away into savings (and save up for a bit then pay off big chunks of things).

Debt payments vs. Savings acct. squealnakedcatj September 3 2007, 23:00:25 UTC

So *this* was the car payment posting! I finally see what all the hubbub was about.

Kate is right that the fastest way out of debt is to apply that extra $280/mo. or however much it is towards your highest interest rate loan. But yeah, if you really need some extra spending cash every month, then go for it, but apply as much of that money as possible towards your highest APR loan, which is probably some credit card ( ... )