Debt Consolidation Under 10k

July 13th, 2010

Question: Bad Credit, No Cash, Owe Money on 2006 Car?

Hello everyone i own a 2006 Chevrolet Cobalt SS Supercharged i still owe about 14k on it and its only now work 10k trade in maybe a little more or even less i dont know. my credit is terrible i never filed for bankrupcy but i am going throught a consolidation company to help my debt and paying that now. i want to get out of this loan and trade my car in and get something else with 0 payments or payments under lets say 150 how do i do this if i have bad credit no cash and owing money on my car

Answer: Using your figures, you owe $4000 more than your car is worth. If you trade the car, that $4000 will either have to be paid, or will be rolled over into a new loan (if it can even be approved with the credit problem that you have) You would be looking at a payment of about $150 not counting the cost of another vehicle.

You are not going to be able to trade your car and lower your payments. Your best bet is to find a way to increase your income (perhaps a part time job) and use that money to pay down the loan on your car.

Sorry but the math does not lie!

Huntington Bancshares Reports Second Quarter Net Income of $48.8 Million, or $0.03 Per Common Share

Huntington Bancshares Incorporated reported 2010 second quarter net income of $48.8 million, or $0.03 per common share. Â This compared with net income of $39.7 million, or $0.01 per common share, in the 2010 first quarter and a net loss of $125.1 million, or $0.40 per common share, in the year-ago quarter. Â Comparisons between quarters were impacted by several significant items .

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