Originally Posted by comiesutra
X2, unless you can't do this, but it sounds like you can.
however if you can afford a little more i would attack the CCs. i would bet anything that their interest rates are higher and they come with those shitty ass fees. the nice thing is that you know exactly how much the payment for your truck will be and for how long until it is payed off. also, in the long run you pay more in interest and fees on CCs. since you are upside down on your loan, you would actually generate more debt to cover the gap. then you have to think about what you are going to use for transportation. also consider that the newer car could end up being cheaper in the long run. older used cars need more money for maintenance and as they age the repairs cost more. also trucks tend to be cheaper to insure. the last thing to consider is what sort of stuff is lying around that you don't need. you could sell those items on eBay
and CL and immediately send the money to your CC. think of any extra income that you make as belonging to the bank, i know it sucks but, you did use their money.
google "debt snowball", it's a great way to visualize your debt and what it will take to get out of it.
I am a Dave Ramsey fan and I am kind of doing his version of a 'debt snowball' in that I am starting to attack the smallest cc first then moving up to the larger ones.
You are right, I'm not in trouble with my truck loan/cc's, but I am at a point where I have run out of breathing room and living paycheck to paycheck and have been for a while. It's just gotten to that point where I am tired of it and am going to make a change.
If I were to sell the truck, my parents have said they will let me borrow an extra truck they have, 2004 GMC Sierra, untill I can save up enough to buy a used vehicle. And I have thought about maintenance cost on used vehicles and have decided if I do my job picking out something good, there would be no way I could end up spending $300 a month in repairs. Maintenance would definately be a factor but I can deal with that, I'm 22 and have owned around 10 or 12 vehicles including 4 Jeeps, some full size trucks, an old Cutlass that I did an engine rebuild...so I am good behind a wrench. But, my parents would let me use that truck for as long as I needed it so I could save up quite a bit if my cc's and truck payment were gone.