I had plans to post my budget for February this week, however, I am still waiting on some numbers. In fact, I have been in talks with a bank about consolidating my debt. I know Dave Ramsey probably wouldn't approve, but the payment plan of $288 v $525 would be much better on my budget.
The problem is that if I go all 30-years I would have spent more then $100,000, which is financially stupid. The upside is that I would no longer have a lien on the car. Meaning I would not be upside down in a car loan. That would translate into being able to sell the car, purchase a beater and pay a huge amount of the borrowed money back, quickly.
I have been working on this for a month now, and and the hang up has been some grant money that I had received to fix the house. At this point, I am told that I should know something next week.
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you mean roll the debt into a home equity loan? you can pay more than the minimum on a 30-year loan, and turn it into a 5 or three year loan, all by yourself! and you can deduct interest costs. if the rate is better, do it. if the rate is the same, but it will let you sell your car and get a cheaper car, i say go for it.
ReplyDeleteLike the first commentor, payment alone should NOT be your decision maker.
ReplyDeleteWith the same or less interest go for it. Only if you can be diligent and pay off the debts as scheduled.
The burden of a longer term will cost you more than the interest.