Thread: Too keep it or not too keep it...That is the question.
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Old Apr 7, 2011 | 08:20 PM
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onehundred80
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From: Ontario
Default Re: Too keep it or not too keep it...That is the question.
Originally Posted by The Beep
I drive about 20k a year. The Cadillac got 23 mpg. The fusion apparently will get about 30 (haven't had a chance to calculate it yet) so the savings in fuel over a year are enormous.

All 3 cars are/were financed for 60 months. The Cadillac was used for $18K 6% intrest. The Fusion is new for $25K 2% intrest. The Cadillac traded for $10k difference after driving it for a year so I got lucky on that one (I hated the speed sensitive steering in that car btw).

There's $10k left on the XF and that loan is driving me crazy. $175 every 2 weeks. I'ld love to pay it off but the credit cards are making it very hard. It's all in all, too much intrest working against it.

All the cc balances are related to the home purchase and are steadly shrinking but it's taking forever. I need to find a way of speeding things up.
Any thing over $60 between what you paid monthly for the Caddy and what you are paying now is more than you would have paid in gas for the Caddy. You have saddled yourself with an extra year of payments as well.
For long term gain with short term pain I would say sell the Crossy and save the $350 a month payments plus insurance and other costs. Any money left from the Crossy sale apply to your debt. Not to toys or a new washing machine etc.
Put the $350 a month against current debt and reduce it as fast as you can. Reduce the number of ***** you are juggling to a minimum.
Do not incur any more debt.
I think you know this is the answer already. Reduce your debt as another blow to your finances could cripple you for a long long time.
 
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