Ziay!

sweetie

okay so last year I decided to buy analmost brand new car it's a 2001 Nissan Altima. I bought it for $8000 and I financed which it came out to be $14000 with bank fees etc. I am paying $250 a month for five years and I make like $283 someting a week I thought I could handle it but I think that is the worst mistake I made cause now I have so much bills to pay which are over my head like credit card I owe$1700 in debt and stuff and I am going to school full tme in Sept and I wont be working that much. My problem is the car loan I donno what to do. I wish I could give up the loan but then my credit will be messed up I know I took some insurance for it that says they will pay it for you if something happens to you, so since I wont be working full time anymore and I wont be able to pay does anybody who has a car loan know how that insurance works? cause I don't know what other options I have and I don't want my credit to be bad since its not that great anyways. Any advice please!!

StephenWeinstein

Sell the car and use the money to pay off the loan.

mguardian_north

You could either put your education on hold and work full time to pay off your debts. Or you could sell your car provided the offer will pay off your loan. You want to pay off the loan and your credit card.

stan c

If you took out disability insurance, and can not work, then they pay the loan for you. If you are just making less or can not pay because of other bills, that's a different story. You still have to make the payments. If your parents own their home, perhaps they can get a 2nd mortgage for 10 years which would lower your payments.