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antsspecv

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1 Person Helped
I feel like there's no way out of this
I feel like there's no way out of this. I tried so hard to make sure I was doing the right thing so I wouldn't be in this position that I am in now. My credit is good. I purchased my first home last year in Feb 2014. Getting approved for a house as a single 28 year old I felt that was a huge thing to accomplish without anyone's help. I felt like all my hard work was paying off. Everything was going alright up until I made the dumb choice of buying a new truck counting on my girlfriend at the time to be around for a very long time. It was going to be our truck. We both had cars of our own, but we wanted something nice and reliable. The truck payment is $600, but we were splitting it and paying $300 each. At the time it made sense to me. I took the risk without thinking about the what if. The what if we don't stay together and how am I going to pay for it? I never thought about that because I was in love and things were all good. Well, things don't always work out and now I am stuck with a $600 truck loan along with the whole mortgage payment and other house bills. I am not behind on anything. My credit is still good and I have not missed any payments, but that $600 truck payment is going to catch up with me very soon. I've had to get a roommate which helps out a lot, but they aren't always going to be around. As of now my DTI is at 78%, but that is without counting the extra income I get from my roommate situation. With that income my DTI is probably close to 50%. I have about $4,500 saved up and I need to try to do something to keep an extra $500-$600 in my pocket each month. I do not want to let them repo my truck. I do not want to file bankruptcy. I want to try to be smart about this and do the responisble thing to make sure my credit stays good.
I've heard about refinacing your home and addning your car loan onto that, along with credit card bills.
My house loan is a year old. It's at 4.5% and I owe $128,000. It was appraised for $132,000 when I bought it.
My truck loan is also at 4.5% and I owe about $35,500. It's a 72 month loan that I got 8 months ago.
My credit card bills I owe $8,000, but $1,500 of that is on a card with 0% interest.
My credit score was checked in october 2014 and it was 685. Since then nothing has changed except for a hard inquiry dropped off so maybe it has gone up a few points.
I have $4,500 to try to make something happen. I need to try to do something that could save me pretty much the truck payment every month.

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Top Contributor
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Sell Sell Sell

Sell the Truck  and Quick!  If you lose money on the deal so be it,  Sell it you can't afford it with your income.

Use the 4500 to pay the difference of what you owe on it if you don't break even.

Buy a Junk Car for as little as you can and Start saving.

Pay off the Credit Card Debt before you buy anything else.

Don't charge any more on the Credit Cards.

Do you have a budget?  if not get one started.  ( thinking you might have one based on the number above )

Google Dave Ramsey and READ!

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