Do you ever feel like giving up?

LaserBlueZ71 · November 17, 2013

Had one of those moments today where it hit me. I have way too much debt, I owe more on my truck than it is worth.

Do you ever feel like phoning the bank and saying I changed my mind, come and pick it up?! I felt that way today. It would be so much easier to just give up and stop paying. I know I would never get anything again, but sometimes, your just so frustrated.

Are you swimming in debt? Luckily I don't have a mortgage. I just have my truck and one credit card. Doesn't sound like a lot but between the two I owe 45K!

j-ten-ner · November 17, 2013

Trouble with your truck?

That's one reason why I traded the '07 Sierra for a '13 Silverado.

There were still payments left on the Sierra but the problems kept coming. Just payed 3.5 grands for a trans job.

And the rebates for the '13 were to irresistible. This way I've got still payments but a brand new truck with full warranty.

I don't care if the trans blows up now. I just push it to the dealer.

And the '14 wasn't worth the headache yet for what one can read about the problems. Not to mention what one has to pay for it...

Get rid of the credit card. This is killing you. Not the truck payments.

I only have got a limit of $500 on my card and I don't want more. I don't care how much the bank offers me to raise the limit.

And I wouldn't have one at all if I wouldn't buy stuff on the internet or reserve a hotel room or rent a car if needed.

Believe it or not as soon I've made a purchase with my CC I go to my computer and pay of the balance. The same day.

so long

j-ten-ner

Black2011 · November 17, 2013

Been there! I think everyone has days when they go "WHYY did I have to have a brand new truck! I cant possibly come out of this in good shape, I'm paying 30,40K to have a truck that's worth 10,000 when I'm done!"

Now you have to go back to why you got it. Obviously, when you bought it some part of you thought it was a good idea. For me, it was peace of mind. My old diesel had 200k miles (300K KM) and almost every month it was costing me a couple hundred in repairs, plus the 300$ payment. I was making 11$ an hour working as an apprentice mechanic. Bills were tight! I got a higher paying job because I knew that my credit card was max`d, (at 1000$ mind you) and my account was bone dry come payday. Luckily I got a job with my current employer, at $14.50 and my truck gave me a couple breaks. I got my credit card paid off, But I was spending $600 a month on fuel driving back and forth to see my girlfriend (Now wife) I mainly sold to buy a car (cheaper on fuel) but because it took 6 months to sell my truck (I listed it when I was still makin 11$) By the time it sold, she had moved here. So when I went to buy a used car or truck, the bank slapped me with a big no sir! they wouldn't let me borrow on used, because of my 2 month history at my job. Dispite the fact that I had paid my bill religiously Even during the time I had no job ( about 3 months)

So when my 3 month probation was up and I had been getting a ride to work every day, I spoke to my bank and they said `you`re going to need at least 30% down, But if you buy a new vehicle, you can likely get it less. Off to the dealer I went, I had just got a raise to 16$ and I had some money to spend. Ford the 300 payment I was making, plus the 200 in repairs I knew I could spent around 500 a month.

Needless to say, my truck does everything I needed it too, at that time.

Now I make 24$/hr, and the payment doesn't bother me, but Sometimes, like you, I feel like it was foolish to pay 30K for a truck that's now, 2 years later worth 18. (and I still owe 22)

I bought a commuter car for school, and that saves me money, But really this has taught me to think about the future. Really to consider the consequences financially, and look for ways to conserve what little $ I have. My wife and I are currently saving to buy her a new SUV, for when the kids come but we want to pay cash. It sounds like a lot but putting away 500/month for 5 years leaves you with 30,000$ plus interest accrued on savings. If we need to pay any extra, It will be on a line of credit.

I hope you find a way to cope with your stress, and focus on how you can dig yourself out of the hole your in. Don't put too much value on money and things either. Focus on family!

Good luck to you, hope things get better. Perspective is everything!

'01LS1 · November 17, 2013

If you are really thinking about giving up over such a small amount, might be time for Dave Ramsey's help. Get the book, but pay cash, don't charge it.

http://www.amazon.com/Total-Money-Makeover-Financial-Fitness-ebook/dp/B007FZOZ68/ref=sr_1_1?ie=UTF8&qid=1384693405&sr=8-1&keywords=david+ramsey

This, &/or look him up online to find which radio station he is on in your area. Good to hear the success stories on his show as well.

LaserBlueZ71 · November 17, 2013

Been there! I think everyone has days when they go "WHYY did I have to have a brand new truck! I cant possibly come out of this in good shape, I'm paying 30,40K to have a truck that's worth 10,000 when I'm done!"

Now you have to go back to why you got it. Obviously, when you bought it some part of you thought it was a good idea. For me, it was peace of mind. My old diesel had 200k miles (300K KM) and almost every month it was costing me a couple hundred in repairs, plus the 300$ payment. I was making 11$ an hour working as an apprentice mechanic. Bills were tight! I got a higher paying job because I knew that my credit card was max`d, (at 1000$ mind you) and my account was bone dry come payday. Luckily I got a job with my current employer, at $14.50 and my truck gave me a couple breaks. I got my credit card paid off, But I was spending $600 a month on fuel driving back and forth to see my girlfriend (Now wife) I mainly sold to buy a car (cheaper on fuel) but because it took 6 months to sell my truck (I listed it when I was still makin 11$) By the time it sold, she had moved here. So when I went to buy a used car or truck, the bank slapped me with a big no sir! they wouldn't let me borrow on used, because of my 2 month history at my job. Dispite the fact that I had paid my bill religiously Even during the time I had no job ( about 3 months)

So when my 3 month probation was up and I had been getting a ride to work every day, I spoke to my bank and they said `you`re going to need at least 30% down, But if you buy a new vehicle, you can likely get it less. Off to the dealer I went, I had just got a raise to 16$ and I had some money to spend. Ford the 300 payment I was making, plus the 200 in repairs I knew I could spent around 500 a month.

Needless to say, my truck does everything I needed it too, at that time.

Now I make 24$/hr, and the payment doesn't bother me, but Sometimes, like you, I feel like it was foolish to pay 30K for a truck that's now, 2 years later worth 18. (and I still owe 22)

I bought a commuter car for school, and that saves me money, But really this has taught me to think about the future. Really to consider the consequences financially, and look for ways to conserve what little $ I have. My wife and I are currently saving to buy her a new SUV, for when the kids come but we want to pay cash. It sounds like a lot but putting away 500/month for 5 years leaves you with 30,000$ plus interest accrued on savings. If we need to pay any extra, It will be on a line of credit.

I hope you find a way to cope with your stress, and focus on how you can dig yourself out of the hole your in. Don't put too much value on money and things either. Focus on family!

Good luck to you, hope things get better. Perspective is everything!

From Saskatchewan eh? Me too.

My situation is a bit unique. It isn't really one thing that is dragging me down. It was a combination of one bad decision, and a ton of bad luck. I was living in Saskatchewan, born and raised there, until late 2010. Everything was going great. I had a lot of money saved in the bank, and over $1,000 in disposable income every month. Of course, I was single, not a party guy, a workaholic. I was driving truck, long haul, for years. I have always loved it, grew up on the road with my dad basically, he has been doing it for 33 years. I bought my own rig, and everything was right in the world.

Until, I met a woman. Yep, the one I said didn't exist, the one I said I would never find to marry. One big problem was that she lived in British Columbia, I didn't. We did the long distance thing for quite a while, but with me being a truck driver and running mostly the U.S, I never seen her. The normal was once every 6 - 8 weeks. She never once told me I had to come off the road or she would find someone else. I always swore if I found someone worth starting a family with, I would come off the road and do something else. I seen first hand how hard it was on my mother always having my dad gone, working. She basically raised me and my 2 sisters alone, all while having no one there for her own problems. At this time I was feeling pretty fed up with a lot of things in my life, and decided maybe a move would be the best for me. Since all my family had scattered or was always gone, I had no real reason to stay in Saskatchewan.

So, I up and moved to BC. Little did I know this Province has an absolute shit economy, with insanely high cost of living in every aspect, and no jobs. I was unemployed for the first year I moved here. I applied to hundreds of jobs, literally. I had 5 interviews out of hundreds and hundreds of applications. Luck was never on my side, as I never got the position. I came out here with about $10,000 cash in the bank. After the first year of not working, that was more than gone. By this time I had to start using my credit card to live. Groceries, gas, phone, car insurance, you name it, it went on the Visa. I worked as a barn worker and handyman for numerous people to try and use my Visa as little as possible. That definitely helped, but obviously was nowhere near enough. The second year I was here I landed a few jobs, but every single one of them I was laid off JUST before the 3 month period. Papers always said due to a lack of work. Basically, they used me to fill a brief busy period, than said goodbye joe you gotta go.

Fast forward to October of 2012 and I landed a job as a small engine mechanic/tool repair technician at a local tool store. I never wanted the job, but when your desperate, you take what you can get. I always looked at it as a stepping stone and said, no big deal, stay here for a few months than find something better. Well, 13 months later, I am still there. Only making $15 per hour. I break even every month, so I have no ability to get ahead. I am still just thankful that I am not sinking deeper into the hole.

As it sits right now I owe more on my truck then it is worth. However, I only owe about 5K on my Visa. I think that's pretty good for going unemployed as long as I did in a Province with no work and insanely high cost of living.

So, that's my story. My girlfriend is now my fiance, and I am proud to say I paid cash for the ring. We decided to put our wedding off until late 2015 or early 2016 in order to pay cash for it. Luckily I am still young, only 26 yet. I have time to dig out of this and in 3 years my truck will be paid off. My intentions are to keep it for a long time to make it pay. Just the other day I was considering trading, but I quickly came to my senses. Once you have no debt, life is a beautiful thing. I just keep telling myself, your only a few years away from being debt free. If I can just stay the course now, I will benefit a lot later on.

j-ten-ner · November 17, 2013

You don't have to spend money on a book.

Just be honest to your self and don't denial the facts.

There is nothing wrong with borrowing money. Not many people are able to pay for a house in cash, for example.

Or you have the money in the bank for a new truck and you still take a loan for it.

Because sometimes you get more interest on the money in the bank than you have to pay for your loan.

You need to have a back up plan, an emergency fund.

Do the math. Be realistic. BE PATIENT!

Be aware that the bank always wins. This is not MONOPOLY.

It is okay and in many cases necessary to have ONE credit card. Nobody needs more except to create more depth.

When you use the card pay off the balance instantly.

I've learned my lessons the hard way. But I was able to dig myself out.

All it takes is balls and willpower.

so long

j-ten-ner

Daryl Z71 · November 17, 2013

I recently thought in a similar way. Not about calling the bank to come get it, but to trade the truck to lower my debt, and free up more income toward purchasing a house. I wanted a new vehicle so I wouldn't have to do any maintenance, but I realized it didn't make much sense to have a brand new truck, and no house to live in especially with the house I currently live in up for sale. It's all about what you want. Personally I'm happy with my decision. I can always buy another truck later in my life, but I know it will definitely not be a brand new one.

LaserBlueZ71 · November 17, 2013

I recently thought in a similar way. Not about calling the bank to come get it, but to trade the truck to lower my debt, and free up more income toward purchasing a house. I wanted a new vehicle so I wouldn't have to do any maintenance, but I realized it didn't make much sense to have a brand new truck, and no house to live in especially with the house I currently live in up for sale. It's all about what you want. Personally I'm happy with my decision. I can always buy another truck later in my life, but I know it will definitely not be a brand new one.

I don't think I will ever buy new again.

The hit you take the first 2 years is insane. The second you sign the papers, it's now used and worth a heck of a lot less than it was 30 seconds ago before ink went to paper.

Once in my life I wanted to drive a new fancy truck, right off the showroom floor and out into the parking lot. I did that with this truck, so that is one more thing off the old bucket list.

LaserBlueZ71 · November 17, 2013

You don't have to spend money on a book.

Just be honest to your self and don't denial the facts.

There is nothing wrong with borrowing money. Not many people are able to pay for a house in cash, for example.

Or you have the money in the bank for a new truck and you still take a loan for it.

Because sometimes you get more interest on the money in the bank than you have to pay for your loan.

You need to have a back up plan, an emergency fund.

Do the math. Be realistic. BE PATIENT!

Be aware that the bank always wins. This is not MONOPOLY.

It is okay and in many cases necessary to have ONE credit card. Nobody needs more except to create more depth.

When you use the card pay off the balance instantly.

I've learned my lessons the hard way. But I was able to dig myself out.

All it takes is balls and willpower.

so long

j-ten-ner

Unfortunately my back-up plan is a line of credit with an extremely good interest rate. I don't use it, but at least I know if I need to feed the family, it is there in an emergency.

My parents were always hard pressed for money when I was a kid. I always remember them saying they will figure out, we always do. They always did to. One way or another, things will work out and you can dig yourself out of just about anything.

Daryl Z71 · November 17, 2013

I don't think I will ever buy new again.

The hit you take the first 2 years is insane. The second you sign the papers, it's now used and worth a heck of a lot less than it was 30 seconds ago before ink went to paper.

Once in my life I wanted to drive a new fancy truck, right off the showroom floor and out into the parking lot. I did that with this truck, so that is one more thing off the old bucket list.

I hear that. Luckily my dealership is willing to work with me. I've bought a new vehicle every two years since 2009. This last time when I traded for the Cruze it was a lot tougher since I traded so often, but I got the payoff. They don't try any games either, everything is right there in black and white. I haven't gotten anywhere on paying a vehicle off, but this time I was just happy to lower my bills, and create more of a cushion. Like I said though I have learned from this that I will never buy a brand new truck again. Everything costs to much anymore for me personally to be able to justify spending that much again.

cparks555 · November 17, 2013

Hang in there man, life is full of ups and downs. I bought a brand spankin new truck once too, never again. Hey, at least you got the girl!

LaserBlueZ71 · November 17, 2013

I tried to trade my truck off and the salesman was flat out honest with me. He said yes, I can take your truck on trade, but honestly, your going to take a bath on it. By the time the smoke clears, my payment would only be slightly smaller than I have now, but I would be stuck driving a car.

After having a full size truck I don't think I could ever go back to a car. I am a mans mans, cars just aren't for me. Plus, I live on acreage. A lot of times I need my truck bed for fence boards, posts, all kinds of materials.

I try and remind myself that it could be worse. I could be stuck driving a beater worth $500 and have absolutely nothing to show for going to work everyday.