A Financial Meltdown... HELP!?

OK! I am 21 years old will be 22 in Feb. I am currently $21,000 in debt. I have $5,000 credit card debt and $16,000 car payment debt. I am trying to get out of the car payment but my credit score is so bad I can%26#039;t trade. What would you do. I beleive that if I can get out of this car payment I can be better off with the credit card debt, and I will be able to re-build my credit/credit score. BUT HOW? How can I do so if I still owe? Where do I take it? It is a 2005 Nissan, a nice car ex condition but I CANNOT AFFORD IT... I average $1800.00 a month, I have a $500 car payment. I am paying down my debt, rent, car main., gas, bills, food, by the end of the month I am BROKE. I hate living like this. I know I have much potential, but not a dime to show for any thing. WHAT WOULD YOU DO? The mistake was made by purchasing the car, I understand now that it is made how do I move forward? I am stuck! HELP!!!! PLEASE.... I 21 have a desire to open my own restaurant by the age of 30...

A Financial Meltdown... HELP!?

cut you losses sale the care even at a loss and buy a car that you will not need to carry full coverage insurance -- at your age that will save you a bunch!!!

A Financial Meltdown... HELP!?

Hey mister meltdown I feel your pain, i am in somewhat the same kinda situation. So you have to talk to where you make your payments, which you already have,and they won%26#039;t fricken help anyway. So I heard from someone to try and sell it and get the most out of it that you can, because if it gets repo%26#039;d they just sell it at an auction and your still stuck with a huge balance. hope this helps. Oh where is your restaurant gonna be???

A Financial Meltdown... HELP!?

Sell the car and take the bus to work. Then you%26#039;ll pay off your $16,000 car payment debt. And then you%26#039;ll can start paying off you credit card debt too.

One of the secrets of getting rich is avoiding debt like the plague, unless that debt is going to make money for you one way or another.

It%26#039;s ok to go into debt in order to get professional education and get a higher paying job or even start your own business. Because this debt will more than pay for itself in the long run.

But going into debt to buy things and a car only makes them that much more expensive. You end up paying twice for them. First you pay lots of interest to the bank. And then you also pay for the things you%26#039;ve purchased.

Paying more than you have to, just because you want that pleasure and you want it now, is the way to poverty and not to riches.

Wait until you earn the money. Be frugal with it. Make your savings work for you by investing it well. And eventually you will have enough money to achieve your goals in life.

A Financial Meltdown... HELP!?

I make less money than you but I had less debt as well. This worked for me maybe you too. Go to a local credit union. Really good people to try to get a loan through. Its best to have a co-signer willing. I DO NOT SUGGEST THIS IF YOU CAN AVOID!!! Get a long term loan (yeah, interest sucks) and pay it off every month on time, if you have a little extra pay more. I payed off 13,000 in 5 years at 220 a month instead of 400 a month in 2 years. It helps get you above that %26quot;Im broke%26quot; point.

A Financial Meltdown... HELP!?

I had a buddy get a loan from a family member. And instead of the normal %26quot;IOU%26quot; he structured it through a company called Virgin Money. You find the financing, set the rate and they set up the electronic transfers and such. It might be worth checking out.