Hey /biz/ seeking some financial advice. I'm currently

>>1422627
>I make $2900 a month, and have about $1450 left over.
>How do I get out of debt, /biz/?

Jesus fucking christ, Anon.

I'm in a very similar situation op. I have a 11k car loan (started at 16) and a credit line of 5k. I legally make around 2k a month, and anywhere between 500 - 1500 a month illegally.

I've recently paid off my 2k credit card and I've dumped a bunch of money on my credit line. All you've gotta do is cut your costs. Only spend what you NEED to spend. Don't eat out, cancel your phone plan, etc.

I figure that I can be debt free in 12 - 18 months if I keep doing what I'm doing.

>>1423432
Drugs?

>>1422627
>>1423432
What happend that you took these decisions in the first place? Just want to understand what is going to make my kids into getting in debt.

>>1422627
1. Sell car, ASAP.
2. Use proceeds to pay down debts.
3. Consider not buying another car if your situation permits. If absolutely necessary, get something affordable and dependable (Honda?)
4. Pay down the rest of your debt ASAP.

>>1423444

Lol wut?

The credit line was a mistake I'll admit that. The car was a necessity. Sure, I could have bought a used one for a lot less but why do that when I can buy a new one that has no mechanical issues, has a warranty, and can be paid off in less than four years?

>>1422641
This, Anon.

>>1423608
>the car wasnt a mistake
>how do i get out of debt guys, i really need help?
See the problem yet with your logic, op? You could have a 4 year college degree with less debt. Shit son. Repair costs arent that high on a used car...

>>1423664
That's not OP, check the IDs. But I have to agree. I want a car, but I'm only going to look at used cars and buy it without getting into debt.

>>1423664

Yeah, I'm not op.

Where I live (backwoods Canada) there isn't a public transit system and most used dealerships sell lemons. I've had a handful of friends who have bought used cars and they've all died within a year or two of buying them. Yeah, 16k for a new car is a lot of money for someone who doesn't make a lot but I'd rather have a new and problem free vehicle then one that wasn't maintained by the previous owner. I also got an amazing deal on the car that I couldn't pass up. I mean shit, most econoboxes run at least 20k and I got mine for 16k after all of the fees and whatnot.

Even with the shit money that I make I will have my 2014 car paid off within the next year and a half. I'd say I'm doing fairly well right now.

OP here,

I need the car for transportation to work, I drive 25 minutes to and from work. I bought the new car even though I knew better. What happened was my first car had crapped out on me and my boss at the time friend, had a vw passat with 150 000 kms on it for sale. So first mistake was taking out a line of credit to purchase it. 3 months down the line the engine needs repairs. 3300 is what I was quoted. Frustrated and wanting warranty I bought my newest one. I don't need any hindsight on how stupid I was. It seems pretty self explanatory and redundant that I made a post for it. Seeing if there were any alternatives

>>1424426
It's illegal to sell lemons lel it would literally cost them more money than they would make trying to sell lemons I'm pretty sure you are generalizing hard.

Just spend 5k on a car and thats it. Buying a new car is the dumbest thing you can do as they lower in value by alot for the first few years percent wise which of course is going to be alot since its a new car.

Thank God I go to 4chan for all of my life questions or else I would have ended up fucked like op

>Tfw have had jobs and useful skills I learned for free from 4chan

>>1424426
If you sell your car and buy a car of lower value, you will still have lowered the amount of debt, even if you are upside down on your loan(i.e., the car is worth less than the remaining loan amount). The problem is that it's hard to sell a car that is upside down if that is the case, as you need to make up the difference.

Even if you don't want to change your car, you should try to refinance your loan. 5.9% is rather high.