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My Car Payments and Car Insurance Are Killing Me Financially. – Greg

By on December 12, 2009
My Car Payments and Car Insurance Are Killing Me Financially. – Greg

Greg

“Dear Steve,

Car payments and car insurance are killing me financially!

I don’t know what to do on my car payment anymore? I’m getting financially stressed! Its extremely high and I pay high interest, plus I have another car I owed on and traded it for this new car and what was left on the loan? Was tacked onto this one.. I’m thinking very seriously about going to bankruptsy to get out of it?

By the time I pay this car off? I’ll have 42,000 dollars into a 18,000 dollar, this is on a 6 year note, the car is a Ford Fusion S.. I’ve already payed a year on this car and I’m living pay check to pay check plus I’m opening new credit cards to live on and survive off of because of these big payments along with the 82.00 a month full coverage insurance.. I even thought of letting the car go back? Instead of doing the bankruptsy?

Greg”

Dear Greg,

Dude, you are way upside down on that car loan and in a debt death spiral if you are taking out cards to pay bills. When you traded in that other car with the negative equity you just wound up rolling the debt forward and now you owe way more on your car than it is worth.

The path you are on right now is not sustainable. Bankruptcy would allow you to give the car back and not have a huge bill, that would otherwise be due.

Giving the car back alone as a solution here, really isn’t an option.

Rather than be afraid of bankruptcy, go talk to a local bankruptcy attorney or click here for a free bankruptcy consultation. It certainly sounds like the right thing to do.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

4 Comments

  1. NickF617

    July 7, 2012 at 4:05 pm

    guys i could use some serious help , Ive got a bad drving record. 3 Parking tickets. And 3 Surcharges for ,1 Hitting parked car.,2, Backing into someones bumper at 5 mph,3.Speeding ticket.

    So yeah. Drumroll please. My premium for the year is 6,600 So do the math its about 600-800 A month i think. Im unsure becuase this is a new year for me . Paying that much for car insurance is going to destroy my life … What can i do to improve this??? Please any advice.. I take care of my sick mother and almost wont be able to cuase i wont have insurance and ill get fired. Im in Boston MA any ideas or difrent agencys or anytyhinggg

  2. Welcomelily

    June 10, 2011 at 7:32 am

    sir
    no need to to let car go back there are various solution of your problem. Which company providing you insurance, just go to online insurance services . I am sure you will get appropriate solution

  3. Welcomelily

    June 10, 2011 at 11:32 am

    sir
    no need to to let car go back there are various solution of your problem. Which company providing you insurance, just go to online insurance services . I am sure you will get appropriate solution

  4. Mustafa Cambaz

    December 6, 2010 at 5:00 am

    iting about Temporary car insurance. I like reading your articles. I follow your sharings. I am writing at http://www.dentinger.com too.

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