add to that a bad case of HIV, and his life would suck as much as LT's...........

 

i maybe alone in saying this but i would pay off the credit card first just from those numbers.

you'll need to do a more detailed analysis based on how much of each monthly payment goes towards the principle and how much goes towards the interest and pay off the one where you will save the most money on interest.

based on the little information you posted, i would say it's the CC.

 

I was wondering the same.

 

Answer me this:

How much can you pay towards your debts per month?

What is the minimum payment on: CC, Prelude and Bike?

 

^ That type of thinking gets you into trouble. This way of thinking seems to be a major contributing factor to all of your problems. The risks are pointed out to you, but you chose not to think about it.

Since you choose to keep the bike and not think of the risks, here's one more issue to think about. If you do wreck and it does not kill you, you can expect to have serious physical injury. Broken bones, skin grafts, cranial fractures, loss of limbs, or paralysis.

From what I can tell, you're 20 years old. I'm assuming that either you have health insurance or are somehow covered under your parent's health insurance. Make damn sure that whatever life/health insurance policy you have covers injury/death while operating a motorcycle. Some insurance carriers put an exception to "dangerous" activities and explicitly state that they consider motorcycle operation to be a "dangerous" activity and hence any injury suffered while motorcycling is not covered. I'm stressing this again. In your current situation, one wreck can put your future into a deep shit hole real fast.

and then you go on to say...

Which is it? You selling off two or you selling off just one?

I understand the "love" of having three vehicles, look at my sig. I'm able to do this because I cleaned up my act in my 20's. You're in your 20's now. You're in a financial hole you dug for yourself. Use some common sense and you'll get yourself out, and set yourself up for a better future in 5 to 7 years.

I work for a college. I see young adults in your age range every day. Regardless of gender or race, young adults boil down to two types. The ones that lean life's lessons the easy way by using common sense and listening to qualified people around them. Then there are the knuckle-heads who have to learn every life lesson the hard way by making every mistake in the book before they learn.

Which type are you going to choose to be?

 

Fuggin Lee :rofl: :rofl:


This thread makes me feel 100% better about my credit situation h:

 

You're 20 years old man. You have plenty of time to get many more bikes in your lifetime.

Sell the damn bike and go at your debt with 100% effort, don't loophole your way through. It's just prolonging the process.

Whatever your choice is, i just wish you good luck man.

 

Can you transfer the balance to a lower rate CC? That could buy you some time. A lot of cards are like 3.9% for the first 6 months or whatever.

I had to chuckle at whoever said 14% is a great LOC rate...bahahaha

 

I love having 3 vehicles as well (well had 3 vehicles) but I'm financially responsible. all the vehicles are paid off and I have no debt short of the home mortgage.

yes this is unsolicited advice and most likely you wont listen and just ignore it. but sell all the cars like you said, if you needed to you can borrow your parents car. pay down all your debts. if you can only sell the prelude at a loss then use the money you took out from your education fund to make up the difference and pay it off then also the bike.

don't fall into the stereo typical young kid in trouble with credit who thinks those with more experience is just preaching and nothing more. like jaymar i've been in similar shoes, 15K in CC, 18K car loan. learn from our experience and take our advice.

 

Good choice, my friend! There are many alternatives to bankruptcy that should be considered first! Glad you got sorted!

All the best!