Upside Down

[InbetweenDreams]

Well my probem is that last year, starting with the Challenger I went and bought a lot of expensive stuff that I probably shouldn't have. I have two cards, both which are pretty well at their max totaling around $8k. I'm not missing payments on the cards just that the car payment and the credit card payments make things a bit challenging at times.

But i decided I would go and see what they would off for the Challenger, they offered book value and wound up getting the Prius. Net cost at the end, including the financing, ended up being around $2,000. So my idea having a lower payment, much lower fuel cost and insurance is to pay off the credit cards. One of the cards has a $1,900 promotional balance, interest free which the promotional balance is down to $1,500 but I have charged all kinds of crap. Some of which was legit, like I had to replace a phone which cost damn near $700. Other things, like the bike trailer shown on my blog, not needed... A lot of hiking gear and so on. My problem is that I've bought too much crap and now I'm regretting it.

I don't have rent or a mortgage so that helps, but likewise I should be saving for a house and the next vehicle I actually do need. Sooner or later I will have rent or a mortgage.

I did make a amortization table and yeah a shit ton of money goes to interest, especially in the beginning, this is so that the bank gets their money back before you default since typically those who get higher rates are also riskier. So it saves to pay more. I do plan, particularly once I get the cards paid off, to refinance the auto loan to a lower rate.

So happy Prius time for me lol