Really depressed right now

Avatar for mquin73
iVillage Member
Registered: 03-27-2003
Really depressed right now
4
Tue, 07-01-2003 - 5:24pm
Not REAL depressed, but not very happy right now. I have been doing some research as to what we could sell our Blazer for that's only a yr old and from what I have found is lower than what we owe on it. Basically, we would be upside down anywhere from $2000-$4000 if we were to sell it now. We have no money in savings so there would be no way to pay the remaining balance in order to have a good/clean sell to get the title and transfer it to new owners and such. And I'm not even sure what we would qualify on a new loan to buy my sisters car. I know that we need to get rid of this vehicle, but that would be adding to the debt we already have. I am contemplating on what to do. We are not behind on any bills, but we barely can pay them. My kids are supposed to start preschool in September and in August we have to pay a regristration fee and whatnot for them, plus when they start preschool it will be an extra $200 a mo for both of them. More than anything I do not want to let them miss out on this extra learning (they are 2 & 4). Ds has already gone one yr and likes it alot, he's very active and needs that extra activity and attention he receives. I believe that my dd will benefit from it as well.

Anyway, I'm just sort of venting here, cuz I can't decide what I should do about the vehicle situation. I have been contemplating filing bankruptcy just to get from under the cc debt (as we would be fine w/o it) then I dismissed it cuz I didn't want to take that route if at all possible, but am now contemplating it again cuz of this.

Well, thanks for listening if you got this far. I sure wish we could win enough money to pay our debt than we would be fine! lol UGH!!

Michelle


signature 2008

iVillage Member
Registered: 09-22-1999
Tue, 07-01-2003 - 7:47pm
I hope you resolve your dilemma soon over the vehicle and the tuition! I have a friend who was having a similar difficulty with owing more on the car loan than the car was worth, and that was because she kept getting new cars every 2 years just because she liked new cars, and the cost kept getting added to the loans.

Hang in there! Time to save and examine every purchase....I'll be doing it with you!

Littlesbigs

iVillage Member
Registered: 04-02-2003
Tue, 07-01-2003 - 7:51pm
I can completely understand what you are feeling. I'm very frustrated with my situation right now too. I wish I had the magic bullet to make everything disappear. Unfortunately there is rarely a quick, effective solution to debt.

Cars are such a double-edged sword. We need them, but it costs so much to have them. I'm currently leasing and the best thing about that is you don't have to deal with negative equity at all. However, you never stop making payments. My lease is up at the end of the year. I so want a new car, and am really glad I didn't buy the one I currently have. It's an Oldsmobile and I can forsee quite a bit of time in the repair shop. At the same time, I fear adding to my already overwhelming debt-load. I can't buy a car for cash and really need a reliable one. I'm a single mom with a hefty commute. We'll see what happens.

As far as pre-school for your kids goes, if you don't have to do it because of work, I would say wait until you can comfortably afford it. Perhaps you can get together with other SAHMs in your area to provide your children with the extra stimulation. Our local libraries have regular story times for kids. Perhaps you could take your children there. I just don't think its advisable to add extra financial commitments when things are tight. My son starts Kindergarten this year, and I am so glad. I go from paying about $650 plus all the extras to 260 a month for before and after care. I can't wait. Of course it appears that there is a problem with my child support payments, so I may not come out ahead at all. Oh well, at least I won't be behind:). There's always something.

Just try to stay positive and focus on where you want to end up. Every positive step no matter how small gets you to the goal of being debt free.

Best of luck.

Momtochris

Avatar for cl_phocid
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Registered: 03-26-2003
Wed, 07-02-2003 - 12:40am
Momtochris offers some nice alternatives to preschool if that's a possiblity. I think I went to preschool when I was 4 - and I do remember it - but definitely would have preferred the library or a playgroup with other kids at a local park :)

I'm in a similar situation to you with the car loan - just bought a new suv a few months ago, and now we realize it's just too much. We're upside down in that loan however. Looks like I may have to sell my Honda instead b/c I'm right side up in that loan. Stinks that the American cars can't hold their value the way the foreign cars can (that's our problem with our suv).

Hope you find a good alternative to your current situation.

All my best,

Danni

All my best,
Danni

iVillage Member
Registered: 01-05-2003
Tue, 07-08-2003 - 10:57pm
I agree about daycare - I didn't send my kids and they did fine - both have lots of friends, both are honors students. What I DID do was take them to the playground regularly, do lots of outdoor nature-oriented things, and take advantage of story times at our local library. IMHO, they won't suffer for not being in someone else's care if they don't have to be, and they will probably benefit from being in an environment where you'll be less stressed (if you are able to use the daycare money to help pay off bills - hope that made sense).