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| Thu, 01-08-2009 - 10:39am |
I'm so mad at myself for letting us get into this financial situation. I'm a SAHM and DH makes good money so there's no reason why we shouldn't be able to pay our bills. We'll have to see exactly what DH's next paycheck will be, but I don't know how we'll be able to pay our car payment and our car insurance. Both are late. If we don't pay the car payment it will hit 30 days late and go on our credit report. If we don't pay the insurance (already about 6 weeks late) we risk our policy getting canceled. I don't think we'll be able to pay both but I don't know which one should be the priority. I'm thinking the insurance is probably a higher priority because if we get canceled it will be a lot more expensive to get a new policy. But since the plan is to move closer to DH's job soon we need to do our best to keep our credit as clean as possible to make sure we can get a mortgage.
Another option would be to pay the insurance with the CC. I really don't want to do that, but it would give us a little breathing room and we're hoping to pay off all or most of that CC when we get our tax refund.
Any thoughts?






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Hi there!
I am not sure how much help this will be since I am in Canada and the rules here are
Bex -
If you have to pull out the card and pay the insurance do it and then just pay the car payment out of your wages.
Starting next month begin putting away a little each month for the car insurance payment.
So when it comes up again You will have no worries because you will have the money
YOU are new it takes awhile to do everything right.
Hugs
Mary Ann
Is this an annual insurance or monthly or quarterly or?
Teresa
http://www.affordingpickles.blogspot.com
A review never hurts!
In 2007, I robbed my efund and paid the last 6 months of my policy in lump sum.
Teresa
http://www.affordingpickles.blogspot.com
Take the long view, not the short one here.
If your insurance lapses and you are driving your car while uninsured, even for a day, then what you're doing is illegal. And if that happens to be the day when you get in an accident and someone else gets hurt and sues you and you don't have that coverage, you will be in a world of hurt for years to come. So you HAVE to pay the insurance.
And if you're worried about your credit report, you have to pay your car payment too.
So do whatever you have to do to pay both. Don't take the view that touching a credit card is always bad. Sometimes the alternative is a great deal worse.
Kelly
I am just simply amazed every day now just how tangled up debt, credit scores, credit cards, and insurance are!
If you need incentive to improve your credit scores, just remember that they REALLY affect your car and home insurance premiums.
Actually whether or not it would be illegal depends on the state BUT I know at least some states where it would not be illegal DO require your license to be pulled until you show proof you can pay for all accident damages whether you are at fault or the other driver is.