I will be getting a $5,000 tuition refund next month. My wife and I have $14,000 in high-interest credit card debt. We need another car that will last us at least 30,000 miles. Should we use the $5000 to pay towards the credit cards, or use some of it for a down payment towards a used car. Or should we try to find a car under $5000 and pay cash? Keep in mind that if we choose to finance a car, our credit card debt is probably hurting our credit score which will cause the car loan interest rate to be higher. We are using 71% of our available credit. Because I have not finished college, my schedule changes frequently, but our debt-to-income ratio on any given month ranges from 30-45%.
2007-03-12
04:53:41
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9 answers
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asked by
Karl B
2