Ok, I got myself into some financial trouble, I've been pulling out pretty quickly, but I need some advice on whether this is a good move or not.
Background:
20 y/o
Currently in college, already have associates degree.
Renting for another two months($550 per month) then moving back home for a few months to replenish savings account.
Income is 600 a week take home.
3,500 in student loans
650 left on credit cards(Down from 4,700)
1000 in savings
Car insurance is 278 a month, car payment is 200 but I have been paying 400. I owe 8,300 on the car(@ %6.9 56 months left).
I am thinking about buying a 2000 Chevy S-10 with 105k for $2,000, this will bring my car insurance down to 78 a month with just liability, and I would then garage my other car until I pay it down enough to sell it.
Thanks for reading and any advice you can give!
Background:
20 y/o
Currently in college, already have associates degree.
Renting for another two months($550 per month) then moving back home for a few months to replenish savings account.
Income is 600 a week take home.
3,500 in student loans
650 left on credit cards(Down from 4,700)
1000 in savings
Car insurance is 278 a month, car payment is 200 but I have been paying 400. I owe 8,300 on the car(@ %6.9 56 months left).
I am thinking about buying a 2000 Chevy S-10 with 105k for $2,000, this will bring my car insurance down to 78 a month with just liability, and I would then garage my other car until I pay it down enough to sell it.
Thanks for reading and any advice you can give!