(Closed) I just need to vent.. money related.

posted 7 years ago in College
Post # 3
Member
870 posts
Busy bee
  • Wedding: September 2012

It looks like your car is your next biggest issue after your loans. (payments, insurance, gas) Is there anyway you can sell the car, take public transport to work, and borrow a parent’s/FIs car for other errands?

Can you consolidate your loans through anyone else other than Wells Fargo?

Post # 4
Member
3222 posts
Sugar bee
  • Wedding: August 2011

@mikaylav3: Is your FI willing to cosign? I mean, after your wedding, technically that’s his debt as well. I would ask..it couldn’t hurt!

Post # 6
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

I think you should get a cheaper car. If you bought a car with a lower payment or one that is paid off all together, that would free up a lot of cash (assuming it is still new enough to not need a lot of upkeep). Don’t get rid of a car all together – just get a cheaper one. It’ll save on both monthly payment and on insurance (unless you just bought a brand new car, in which case the depreciation in the first year will eat you alive and put you upside down on the loan). Remember that just because your car is on its last leg doesn’t mean that a brand new car is the best option. One that is 3 years old will be majorly cheaper (you don’t take that initial depreciation hit, and it is still really reliable mechanically).

What about your FI’s parents as cosigners? If you guys are getting married, you’re all in this together – they should be the next place you look for help. Could your FI’s parents give you guys an early wedding present that could be used to prepay some of your loan payments and buy you some time?

Or….the dreaded weekend job is always an option.

 

Post # 7
Member
3222 posts
Sugar bee
  • Wedding: August 2011

@mikaylav3: Oh…yeah it can’t hurt to apply. If he doesn’t have much credit, they might not let you do it. I would also be careful with how many times you try, because those will show up on your credit report as inquiries, which can harm your credit number. Inquiries do not harm your score if the loan is approved, though. 

Good luck! I have a friend that was in this situation, and it just took time to get through it. 

Post # 8
Member
3943 posts
Honey bee

May I ask how much your car payment is? It seems like after your school loan you have $1K each month. Even with an average car payment and insurance (say $400 total), that still leaves you $600 a month to save.

Post # 9
Member
6015 posts
Bee Keeper
  • Wedding: March 2012

What about getting another job?  I mean I worked two jobs when i graduated, and have several times thru out my life.  Mostly when i wanted to pay off bills.  I’m actually thinking that could happen again in the near future to help with the wedding. 

Post # 11
Member
677 posts
Busy bee
  • Wedding: November 2009

Hang in there! I’m sorry things are tough and there are so many demands on wallet right now. I would go the second job route – I worked a second job for the first two years after I graduated doing hostessing/waitressing/retail along with my full time job. Everything I made from my second job I threw into loans so I paid them off much faster. If a second job isn’t really an option then I would suggest hour.ly as it’s smaller freelance stuff that you can do often on your own time.

Good luck! I hope things calm down soon!

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