Save money for a large downpayment. 13% is absolutely insane. If you really only have 800 fixed expenses, can you get a 36 month loan? Should be able to get that rate way down.

That’s a whole lot of assumptions.

If you care about your health, it’s definitely better to bike. If you care about your time, combining your commute with your cardio is hard to beat.

$6000 a year is an awful lot to give up, especially considering the total cost of car ownership is another couple hundred a month on top of that, and more in my area, where a parking spot is $200 a month or more.

As you make more money, you start to get flexibility - you can reasonably do things like spending that additional money for a house near a train, where you don’t need a car. Then that $500 is an investment rather than depreciation. Rather than penny pinching, it’s strategy that can pay dividends for the rest of your life.

Seems like the obvious solution if you want to save money.

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There is no easy fix short of insurance fraud (flood, fire, snowy off-ramp)… it’s an expensive lesson, but just have to save up money to pay it down. Unless you have the funds to do a private sale and pay the difference.

Yeah it’s an option I’m not very inclined towards

You have been given misinformation. There's no risk of hyperinflation with the USD.

Might find a lawyer. My friend was accused of hitting a car (he didn't he was on a plane at the time of the accident and his car hadn't moved in a month) and the police harassed him for hours at 3AM until he found a lawyer to call the station.

OP, a relevant data point that is missing is if you have reliable transportation right now? If you do not have reliable transportation, you need that and cannot wait on a car.

Again, at your age and assuming you’re not tied down by a wife and kids, I’m going to say you need to get a side job to pay this car off as fast as you possibly can. Reliable transportation is critical to getting promoted, anxiety, etc.

If you’re going to commit to this car deal, at this interest rate, you need to dedicate all your free resources to paying it off. The reason is you’re basically putting the car on a credit card. (My credit cards have been under 13% all of my adult life (excluding rewards cards)). Paying it off aggressively as possible will help counteract that ridiculous interest rate, making it irrelevant.

Right. I would buy a bike without a seat if I wanted to screw myself while I ride.

It's probably a better question to ask if 30% is realistic for a V/HCOL area. It's usually not and 40% isn't uncommon at all.

If the delta between base and total comp is 100% discretionary, I'd use the base for calculation purposes. But 35% of base on rent isn't financially reckless either.

For six grand? Nah that's like 2 1/2 sets, my bet is 40k minifigures.

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Go get a loan at a credit union for a cheaper car. That interest is waaayy too high for waayy too long.

> I'm just making payments above the minimum.

Why?

> Okay, well I could pay my $400 one off right now

Then pay it off. You're paying 30% interest on it, that's insane. There's no excuse for not paying it off if you have the money for it.

> I'm not really understanding why people think I shouldn't?

Because, if you want an honest answer, your posts here show you do not know how to responsibly handle a credit card and the last thing you should do is give yourself the ability to pile up even more high interest debt.

Use the ones you have responsibly (which means never paying one single penny of interest) for awhile. Then get a new card once you know you can handle the ones you have. Because right now, you can't handle them.

Yea this guy claiming to make 300k but $500 a month is too much for reliable, safe transportation Lol. He is either lying or a very strange person that basically no one would want to deal with.

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the fact is the 30% rule just doesn’t work in many cities anymore. don’t sweat it

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You generally can’t just not pay it as the payments come from payroll

I'm going to be blunt (sorry), but you need to sell the collections to help you minimize this new rough part of your life. Debt can crush you. You also shouldn't have two cards with all that debt. You are young, find a second job. Pay everything off. Those interest rates are no joke. You can do this. Fix it now before it gets worse.

I had a neighbor do this. People are crazy.

Okay, well I could pay my $400 one off right now. I just figured I'd make payments instead. I just want to make sure that I have a higher limit, I'm not really understanding why people think I shouldn't? I really just want to get rid of these two and have a card with a higher limit, even if that means just paying off my $400 one.