Debt Help Advice! Complicated Situation...?

*Sigh. Somebody please give me some good advice. So, I make between 18 - 19 / hr at about 35 hours a week. That is a total income of $1900 a month. I messed up once in my past three years ago and my credit score is now 597. I have a history of repossesion (redeemed). I currently only have 1 credit card thats interest rate is a whopping 16%. I owe $3300 on the credit card and is currently making only minimum payments. No credit line increase on that card obviously. I have one auto loan that's interest rate is about 13%. I am making payments of $120 on that. About 85% goes to the principal. I have $2900 left on that loan. Meanwhile, yesterday, my car broke down and it turns out my transmission is done for. Meaning, because I still have not finished paying my loan, I cannot sell the remaining unworking car and I still need insurance on the car due to lender regulations. However, I need a new car. Any advice on consolidating loans or debt management? or whatever?!!!Debt Help Advice! Complicated Situation...?
Huh? You can't afford to pay for a transmission and you need a new car? Sorry it sounds like you are looking for an excuse to get a new car. And if you are are making minimum payments on your card what makes you think you can handle a higher car payment. And if your credit score is 597 the last thing you need to do is add more inquiries and debt. Also this is a very simple question and you really need to think about it, why do you not have a cash reserve?


Shop around for a company that can put in a rebuilt transmission. You might not even need that. A lot of times they say that, but you can get by with a lower cost repair.


Good luck.Debt Help Advice! Complicated Situation...?
It isn't so bad...Have you priced out the transmission? Have you shopped around to see if any local transmission shop will let you make payments? I believe it is cheaper to make payments on the car and transmission than add a new car payment. Your remaining balances are really low so Stay the course!!! and pay them off!!! Then start saving money!!! It feels real good to beat those bill down. Now if you want to learn more then visit my site http://www.thecreditrepairmanual.com
Based onyour info you have $6200 in debt not including living expenses. Without knowing that it's difficult to judge what your disposable income is. Forget the past for now, it's not helpful, it's just academic now. Focus on the current problem with your car, which can be solved easier than you may think. Transmissions come in two varieties, new and rebuilt. Rebuilt is substantially cheaper. Do some online research about your car and get a ballpark idea what a rebuilt trans would cost. Also make some calls to local trans repair shops and explain what you know and ask for an estimate, most will tell you what they can on the phone even though they have not seen the trans yet. Your car is still collateral to your lender so they aren't going to let you off the hook. You need to repair it. From my experience a rebuilt trans will run from $900 to $1500. You will have to find a way to do it, but you can if you focus on this one thing. Your level of debt is really not that bad so don't let that get in the way. Once you get your car back life will improve again. Key thing is forget everything else and solve this.
You have a mess on your hands! It sounds like you over spend. First of all put the credit card away...don't use it for ANYTHING1 See if you can find a lending institution that will let you transfer your credit card balance to them at a lower interest rate. Is your car still under warranty? It is cheaper to fix the transmission then buy a new car. Do you live at home or could you until you lower your debts? If you can't afford a new transmission or cheaper car then you may have to start taking public transportation for awhile. Look at what you spend your money on. Can you cut down any place? Good luck to you!
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