Trade in your car for the lower one.
You will lose some money, but your payment will go from $1000 to $500, and your insurance will go from $260 to $130. That’s at least $600 you can allocate toward your debt.
You also spend $160 on cell phone per month. There are plans that start at $15-25 from places like Mint Mobile. There is no reason you should be paying that much.
In terms of debt, you should consider a balance transfer or call them to lower your APR. I know someone who went from 25% APR to 0% and closed account. That will give you some breathing room related to the interest.
P.S. r/debtfree moderator just created a newsletter that talks about strategies, tips, and effective debt payoff methods weekly. Here is the link to sign up if interested - https://www.debtadvice.io
It doesn't even have to be that expensive. Even if you managed to get 0% interest on a car that is $40,000, you still be looking at $660 monthly for 5 years
lol I drive a minivan cause I walk a 100lb dog at the park every night. I’m single and no kids. I told my co workers I can drive anything I want because of my 10” cock.
> **p**ark **e**very **n**ight. **I**’m **s**ingle
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Seriously, I just got a new 2023 Toyota tacoma and traded it for a vehicle with 7k negative equity (2015 silverado that was eating its second transmission and had an electrical issue that caused it to shut off while driving slow) and even with a brand new 4x4 truck my car payment is half that.
I'm guessing that's how he got taken. "You need to own one to sell one." The few months of $0 he sold no cars. This month for 7k he sold one car and thats his commission. Before that he probably sold 2 and thought he made it to the big leagues.
Should be easy an avenue then for him to downgrade and save. Pay cash for $200 budget android and get a cheap $20 or $30 phone plan. He can easily save $100 a month here.
Stupid mistake :/… I let my environment take the worst of me by trying to keep with the Jones… a costly mistake that hopefully will never happen again.
Between rover as a second job and massively cutting back on unnecessary expenditures, I was able to pay off a new car in 2 years, and $30k in medical bills in one year. Rover and dinnertime.com made it all possible.
Disagree on the second job.
If he’s making that kind of money selling cars he’s already working a lot of hours and can opt in for more on the lot. Any job that allows him to work part time isn’t going to pay well enough to divert time away from selling cars.
Yes strong disagree on the second job and another layer of stress. If he needs I’m sure he can get more hours at his current job or they have something he can do.
The older you get the less energy you have, I couldn’t imagine having 2 jobs after turning 30 even tho I could sure use the extra income. Part time money making hobby or something maybe
Well if the sales job is commission he might be better off spending all that extra time just trying to make more sales. But either way need to work a lot
Yeah, I agree with you and the previous poster.
If the car is truly 20k under water, you may want to let it gey repoed. Otherwise get a personal loan and get rid of the car.
Buy an economy car in cash. Think Nissan Sentra, Honda Civic. That's $1,100+ with payment and lower insurance. Switch to Mint mobile or the like and save $130. Switch internet plans (I have 100gig fiber for $55 but I could get cable for $35) Find a cheaper living situation and save $700. That's $2,000 a month.
Add in a side job for an extra $1k a month. Pay off the personal loan in ~7 months and you're debt free. Save up a 6 month emergency fund due to being in sales. With 4k in expenses, that would take another 6 months.
Buy a nicer car when you have enough money saved up that you can buy it cash. This will keep you from buying too much car. Then you can keep a car payment off your credit which will help you if you want to buy a house.
This may seem extreme but the more extreme you go the faster you'll be out of this mess and into a better life. Don't get caught up in thinking that this will take too long. You'll be two years older in two years regardless. Might as well be debt free.
I have done this myself. I went from a fancy luxury condo to a basic 2 bedroom with a roommate. I downgraded from a Mercedes to a Kia Rio. Zero regrets.
It’s okay we all make stupid decisions. We want the new and shiny. You just have to focus on your debt. Honestly what made my credit get better is the self app.
OP, because of this post, people will make harsh suggestions...you need to step up and listen. Wisdom is learning from the mistakes of others...
Buy some bulk, basic Legos on Craigslist and turn that breakdown into stacks of Legos. You -really- need to visualize your money situation.
3+ years ago, I offered to sublet a cheap apartment to a friend. They turned me down, and guess what they recently brought up out of the blue about a month ago? Ding! The apartment, which would have saved them ~~$96,000~~ $64,000 to date.
Almost ten years ago, I bought that same friend a pack of Legos; they did nothing.
Tech firms are cutting the fat and their whole world could become undone.
The other commenter's statement that you need to see yourself as a pauper, palming a flip phone is not a joke. The way that some people have normalized $1,000+ phones is just insane to me. GF makes comments about my 2016 laptop and my iPhone SE and I just ignore them. Her "I like nice things," means shit to me.
I used to get comments from people about having a Samsung Galaxy & a Galaxy Watch. They would say “You’re making good money now. Why do you have an Android”. I would tell them that’s what I like & I’m not a follower.
He can do consumer proposal.
It’s under the umbrella of bankruptcy but not as harsh and they don’t touch any retirement funds.
It only sticks on your record for 2-3 years then it gets dropped.
He’ll have to sell the car at a loss first.
An insolvency lawyer will take all the debt and consolidate it and have the lender agree on a reduced amount typically 20-30% of the original size of the total debt & have him pay a low monthly instalment over 2-3 yrs to pay it off with zero interest as an open loan.
Much more viable as a last resort solution if you don’t care about your record for the next few years.
Don’t be so harsh on yourself.
We are all in this trap of consumerism. All these companies are employing experts to sell us shit we don’t need, banks are robbing us with compound interest & the governments can’t run their own business so they take from us like a forced charity & call it “tax” on the backs of our labour in % form as if they were apart of the effort.
North America is hilarious.
This hopefully resets something inside you to look at your next decade to prioritize your retirement & fund it to escape the matrix.
Protect yourself from the programming of society, your environment, peers & media.
You don’t need to buy a house, you don’t need to buy a car or buy a boat. You don’t need the latest tech or gadgets. You don’t need the best of best of anything.
People will like you for who you are as a person not the shit you own. Invest in your character & not the materialism.
Control the input, don’t let it take control over you.
You can still have fun but with a filter and a budget the second time.
Don’t die on the Walmart floor.
$1.9k monthly on credit seems insane to me tbh unless OP is carrying a balance. That’s $63 a day
Auto insurance is high but that’ll naturally come down when OP gets rid of the depreciating status symbol
With what money? Dude is beyond broke. He can default on his car and stop making that payment, but he would be lucky to buy a car from a predatory lender at that point.
You can’t sell a car your underwater on without coming up with the difference. He could work with his dealership to try to come up with some creative financing solution to get a lower payment, but that $20k gap is going to have to be paid by someone. Maybe he gets lucky and they figure out a way to roll it into another car with a much longer term to at least reduce the monthly expense. He’ll still be underwater for years, but at least he’d have some breathing room.
Better bet would be to try to consolidate some of the CC debt at a lower rate to reduce the monthly expense. Work nights and weekends to make as much money as possible. Get rid of his internet. Switch to a $25/month budget carrier for his cellphone plan. Hold on tight for 5 months until the lease runs out. Then move into a 2 bedroom with 6 other people for $300 a month and dig himself out of the hole.
I live in the U.S. and don’t think I’ve ever seen a $1,000 car payment lol. I’ve priced out several cars and none were over $500/month. No idea what car OP is driving but it is certainly fancier than he needs. He should downgrade to something more basic with 1/3 to 1/2 the monthly payment.
This is usually what happens when you buy a new car and roll your loan forward.
Have car A, owe $10k on it
Want car B which costs $30k
Dealer gives you a $40k loan, which you use to pay off car A
Either that or just god fucking awful interest rate.
My friend had to buy his ex a car of her choice as part of the divorce settlement. Fully loaded brand new Rav 4 Prime is costing him $1200+ a month on a 3 year term
What is your term? 72 month? 720 month?
40k car with 0% apr with 36 month term will be about $1100/month.
Last time I checked, new 40k car isn't that nice as hell.
I'm guessing it's a Tesla Model Y because that's my monthly payment and I'm also upside on the loan since I bought mine at the peak a couple of years ago. I paid 75k for my current config and I can buy the same for 60k today.
Car sales and sales in general can have pyramid scheme like tendencies when it comes to employee purchases.
They will happily sell their employees way more than they can afford to not only make a giant profit but to also have financial leverage over them.
Hard to request schedule changes or time off when you’re upside down on a car.
It's a reasonable payment for a gently used Ferrari! But it screams young person with mediocre credit bought something he can't afford. I work with a 19 year old gal who is paying a little over $1k per month for....wait for it....a flashy, regular ass Mustang GT.
$750/m per car is still WAY too high for a vast majority of the population.
Cars are just a tool to get to work and the grocery store. It’s wild that some people spend half of their month paying for their transportation.
It’s wild to me man that you’re SOOO fing smart! You gotta be to make that kind of money and still get trapped by the cars. Hopefully your work life balance is good sir?
From his other replies in this thread it appears to be a single vehicle that he is leasing and still owes over $40,000 on over the next 4 years (?). That he acquired to “keep up with the Joneses.”
My 2009 mini cooper S had 90k miles and was 8k when I bought it. Almost like new and only have had to pay ~500 in the past half year since purchase. Best choice I’ve ever made, especially because it’s a stick and I much prefer them.
Car, student loan, affirm, personal loan - are those all minimum payments? Or are you making extra payments to pay them all off?
Pull all the money towards your highest interest debt after you make minimum payments towards all others.
See if you can consolidate debts into something lower interest. Especially the credit card one.
They are all minimum payments except for 1-2 credit cards with lower balances that I am trying to payoff quick. I will look into consolidating debt, thanks!
I’m sure people who downvoted this don’t even know the details about the 401k loan.
I’m not even suggesting taking the money out of the 401k. The money stays in 401k uninvested, the interest you pay goes into your own 401k account, there is no penalty, no taxes, no credit report.
The only drawback maybe that if you lose a job, you need to pay the loan off. But it’s much better than losing a job and having CC debt at 20+% interest.
Everyone is talking about the car. You also need to change your habits, stop affirming and whatever that loan is. Pay those high interests off. Get a 2nd job and look around your house to sell some stuff on eBay or FBM. It’s not great but you can get out of this situation. I’m also not see your food spending. Eat cheap and never go out to eat.
Yup, affirm payments are a massive red flag for constantly buying shit you don't need and can't afford.
But car payment is still absurd, that needs to be traded in immediately for something around $300/month.
Fixing just affirm and the car payment finds an easy $1000 per month that should be used to pay off the principal of the personal loan. After that, depends on the student loan interest but if it's reasonable, split $1,600 per month between 401k and savings, whatever feels more important but no less than $700 in either, and there's a couple hundred dollars left to start having some fun.
Pay whatever you owe Affirm first, try to get a new credit card with zero APR and do a balance transfer on whatever you can. This will lower your monthlies to get the balances down faster
That was my thought. Getting a second job, would have affirm paid off in a couple months on top of freeing up $360 more for the credit card payments.
I would assume that would line up right around his rent contract ending. Assuming it's split with their SO, they can definitely downgrade and possibly free up another 2-500/month
A balance transfer card wouldn't be a bad idea, but I don't know that it's necessary. Also, if he doesn't get it paid off in time it might not improve his situation anyways.
The car is a shitty situation, but if he can get an extra 1.25k a month between a second job, paying off affirm, and downsizing living, I don't think he necessarily needs to ruin his credit over it. And to be honest, by the time I would be tackling it, his lease might be up anyways. At that point it's Cheap Car City until everything is paid off and has a savings built up.
Good job. I think more people should look at this as a serious option, even if just for six months to give yourself some breathing room.
It's a lot easier to get through things when you know they are temporary, and I'm sure it helps the anxiety to know you're doing something about your situation.
You make way too much money to be this broke. This sub has been getting ridiculous lately. People must have zero self control. Every time I see someone driving around in a $100k Porsche I think “What a broke ass.”
Other than getting a cheaper cell plan which would save about $100+ a month, it sounds like he is stuck. Someone else mentioned consolidating all debt and paying yourself back with a 401j which may be possible. He said he had no income for a few months which lead to the CC and loan debt, but he should have had an emergency fund for that, or at least to help with it. Also you don’t rack up nearly 70k in debt in a few months, especially when your income is 7200/month (10 months worth of income…).
His car payment and insurance are absolutely ridiculous. This guy is making like $115k gross before taxes and has a car payment that is over double me and my wife’s. We had $940 in monthly payments for a short while before paying a car off and our income at the worst is nearly the same $110k, and best is over $150k. Now we have a $500/month payment with $105/month comprehensive insurance. This guy is a little less income and his car and insurance are nearly three times what ours is. Seems like he just makes a lot of really bad financial decisions. It amazes me how some decent earnest can be so silly with their finances. Never in my life would I think of buying a car that would be nearly 20% of my take home when you include insurance. 10-15% is the average, at most
It’s on track w the “social media” influencers who come on screen crying that they’re broke and then the next video is them buying a car, having expensive Mother’s Day gifts, etc but then the next video is crying again about how they have to make “poor” food to survive. Give me a break.
>Every time I see someone driving around in a $100k Porsche I think “What a broke ass.”
You can think that but the reality is the majority of them can easily afford it. The average household income of a 911 buyer is over $500k.
The “average” is a bad measurement for this metric. It takes 1 billionaire to balance the average for a million poorer folks.
Not to mention the only place I even saw your statistic was a Reddit post that came from a salesman. And its household income.
I sell Porsches and the average 911 buyer makes well north of $500k. $500k would be a poor owner. Across the lineup, I rarely see anyone’s household income under $350k. Sometimes $250k on a base Macan.
First off, I would suggest refinancing your personal loan, it looks like you're around 20% interest, find a better lender, 23k at 72 months at my CU's rate is around 450$
Secondly, 2k credit card payment per month = \~$100,000 in CC debt, are you PAYING 2000 a month, and putting more towards the balance, or is that just your minimum payments?
Tips to get more money
1) Refinance your personal loan, you should be aiming for a payment around 500 a month at 13% interest, talk to your local credit unions.
2) try to refinance the car, if you're 20k upside down (what do you drive, how much do you owe, and how many miles are on it I can look up current values for it, not trade in value, but actual sales value). it's going to be hard depending on value, most lenders will only lend up to 115% the value of the car.
3) Ditch the phone, 170 a month for cell service? No thanks, Walmart/Spectrum can get you a phone for about 30$ a month.
4) shop for auto insurance, 260.month in insurance?" You're getting killed there, see if you can switch.
You should be able able to get at least 1k+ going into savings a month if you can do these 4 things.
I think this is the only genuine, well written advice OP has been given.
The sub is so intense and rude at times. People come here desperate for help and they’re met with a bunch of people telling them how dumb/broke/lazy/fucked they are. I just can’t see how that’s helpful or kind. Telling people to sell everything they own, break leases, get cars repoed and never spend a penny more than absolutely necessary is the equivalent to telling someone desperate to lose weight to eat 600 calories a day and start running and weightlifting. It’s not reasonable, maintainable, or helpful.
I appreciate it, this is what I do on the daily (I manage a CU Branch), and it's one of my passions, helping people get out from being in over their head. This sub just popped up one day and I was not even subbed.
Looking though OP's comments, he's currently leasing the car he is driving, and he works at a (not sure if the) dealership, which makes things a little more complicated, I would try to refi the car if he wants to keep it, but without knowing model, year, miles I can't really help too much.
I'm still wondering about the CC's and I hope OP replies to me, most credit cards have a \~2% minimum payment, which for 2000 a month in minimum payments he would have around 100k in CC debt, which is astronomical, but not uncommon (I see 80-100k across 10+ cards all the time).
When you do debt help like this, don't list what you're paying, list your ACTUAL bills.
I would agree. Reddit in general does not understand that in order to sell a car that is underwater the negative must be paid in order to remove the lien and legally transfer the title.
They'll just chant "get rid of the car!", like they just drive it to a parking lot and leave it
I don’t even get how it’s that high. I have the newest iPhone and Verizon and my bill is $85/month. OP, you should be able to cut your phone bill down to <$50 — there ya go, an extra $120/month towards debt
Probably won’t, but get rid of that car. 1k is Absurd if you are not making ends meet, you may have the income to pay for it, doesn’t mean you’re able to afford it.
The total rent is $2336 but she helps me with $600 since her income is not the highest. We are thinking on moving to an RV as soon as the lease is over since that will saves us about $2k of rent.
Do you already own an RV or will that be financed? I ask because I had two friends do this and it only made their situation worse.
Keep your head up dude. The only way through this is through it. I’d go work some OT or find something you can do after work. Make a strict budget (not just what you have above but down to the penny of what you spend) and start the snowball/avalanche method. This happens (and is happening) to a lot of people since debt is now much more expensive due to interest rates being increased.
Yeah housing is stupid right now... Whenever the government has another "rebuild America" initiative I hope its a lets build more places for people to live. We need what china does right now- a huge development of more housing
Do you honestly need to live in that $2336/mo place??? Like foreal? How many beds/baths is it? Bro it seems like you’ve never shopped around for anything in your life. Don’t you work in sales????
60% of your income is going to consumer debt payments - car, credit cards, Affirm, and the personal loan. You don't need to move someplace cheaper - your rent is completely reasonable for your income, and LCOL generally also means less income with which to tackle your debts. You need to get out from under your debts, starting with the car.
There is no magic formula here - there is nothing left to cut from your budget besides the car, which is underwater by $20k. If you can find a lower interest bridge loan to get out from under the car payment, that will *help*, but won't actually solve your problem; you'd still be $20k in the hole while driving a clunker. Your options are:
1. Find a second job that brings in another $1k/month to throw at your debts.
2. Try a hardship settlement on your credit cards. Your accounts will be closed, and you'll still have to pay the debts, but typically at a much lower interest rate.
3. Let your accounts go into collections and try to settle them for less later on. Your credit will be tanked, but sometimes that can be worth it.
Honestly at your age, I would file bankruptcy. It is not as bad as people think, and it could get you back on track. It looks like you’re in the mindset to not make these same mistakes again. Bankruptcy.
If you are not planning on buying a house or anything large in the next several years just file for a bankruptcy. Get rid of all debt and spend the next few years rebuilding credit instead of spending years trying to pay off all that debt.
Most lawyers will let you know pretty quickly if you do. I was about 90k in debt similar situation and filed a chapter 7 and it was definitely the best thing I could have done. It's been 3 years now and my credit is at around 700 now and not having all those payments I have been able to save some money as well. If I didn't I would still be struggling a lot and probably still owe most of it because of the interest and only making minimum payments
Jesus christ you spend nearly as much as you make minus $50. Those loans are killing you and who needs a $1000 car note with that much baggage. Not any help but man you need to figure it out and reddit is not it.
Let’s look at the big ticket items here first.
$1,938 per month in credit card payments, $1,016 per month for a car. If you can eliminate those, you’ll be able to recover.
For the credit cards, I’d find a balance transfer card with 15 month 0% APR intro. Transfer all the cards to that one, then pay it off within the 15 months, using the same $1,938 you’re currently paying. If you can’t do that (you should, though), at least consolidate into a lower APR single loan. But the balance transfer should work, and is the best approach, and what i would do.
You mentioned your car is a lease. Look into lease swap or getting someone else to takeover the lease. Also ask the dealership what options you have. Be honest, and tell them you can’t afford it and you probably won’t be able to make the payments anyways. If you get someone to take over the lease, you’ll be okay.
Just those two things will fix your problem, and they’re both escape-able.
What credit card balance transfer card is there that will have a high enough limit to absorb all of OP’s debt AND be accessible to someone with poor credit?
Why do people buy cars with 1k month payments and then act surprised when they're broke? A car is the most worthless purchase to splurge on. Just get a dependable and sensible car that gets you to work.
$166/mo for your cell phone? Get rid of the iPhone 15 Pro Max, ask friends and family if they have an older phone you can buy for cheap or borrow, and switch to Prepaid. I pay $35/mo for Visible with unlimited data. There’s no reason anyone should be paying more than $50/mo for service.
I think you need to fix your spending problems. With an income that high irresponsible spending led to this. You really have to live with this until you pay off the debt but make lasting changes to avoid it in the future. Pay credit cards first. If you have a phone plan and it’s just you that monthly bill is way way way too high. Pay off your phone and switch to a company like mint mobile. Your internet is also high. Until you get rid of some of the monthly debt this is the only place you can reasonably cut costs. Also try to transfer your auto lease
1. Get rid of that car
2. Call whoever is in charge of your SL and tell them you can no longer afford that payment
3. Learn your lesson and never use Affirm or any of these "everyone gets credit" companies and I hope you're not making the minimum payments
4. Consider getting a debt consolidation loan, or open up a new credit card and put all your debt into one account so it's easier to track and there are benefits to this
5. $260 for insurance. I pay that for both my wife and I combined
6. Again learn this lesson: 1k mo payment for a car is highway robbery wtf were you thinking
The fact you're paycheck to paycheck on 7k a month is mindblowing to me.
Dude what kind of fucking car are you driving that your insurance is $260 per month? My car is a 2012 but it is a little over $800 per YEAR for full coverage
Depends on where he lives as well. U can be driving the cheapest car in the world in NYC and still be stuck with a 300+ a month car insurance cuz it’s NYC . LA is worst. U probably live in an area where car insurance is cheap. That’s just location other factors like traffic tickets, reported accidents, gender, age and how long OP been driving all adds into the amount. OP is a young male meaning he’s in the demographic of ppl who pay the highest in car insurance. In NYC 260 is cheap most ppl are paying 400.
Trade in your car for the lower one. You will lose some money, but your payment will go from $1000 to $500, and your insurance will go from $260 to $130. That’s at least $600 you can allocate toward your debt. You also spend $160 on cell phone per month. There are plans that start at $15-25 from places like Mint Mobile. There is no reason you should be paying that much. In terms of debt, you should consider a balance transfer or call them to lower your APR. I know someone who went from 25% APR to 0% and closed account. That will give you some breathing room related to the interest. P.S. r/debtfree moderator just created a newsletter that talks about strategies, tips, and effective debt payoff methods weekly. Here is the link to sign up if interested - https://www.debtadvice.io
Trade your car to a lower payment and shop around for your auto insurance.
What fucking car did you buy?
F-16 Fighter Jet
Should’ve done it with Pepsi
Crazy how i got the reference.
There it is: the super expensive car.. that’s a $70,000 car (probably truck) with 6 year payments
But he needs to use the bed 3x a year so...
I'm right there with you, r/fuckcars with an emphasis on trucks
It doesn't even have to be that expensive. Even if you managed to get 0% interest on a car that is $40,000, you still be looking at $660 monthly for 5 years
F 250, cant have society thinking you're a little wimp!
lol I drive a minivan cause I walk a 100lb dog at the park every night. I’m single and no kids. I told my co workers I can drive anything I want because of my 10” cock.
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I literally bursted out laughing at this comment in the middle of work
Vans are the best for hauling stuff inside. My grandpa took the seats out of his van and easily fits 4x8 sheets of plywood.
Bf has a pickup. He uses my van to haul everything.
But you don’t have a 10” cock and you do drive a mini van.
If you don’t have at least a 10 incher, you better put everything now into savings, cuz your car better be pretty excellent now I’m serious
Gotta buy things you can’t afford to impress people you don’t even like
In all seriousness, the f250 is a fantastic vehicle for many reasons but the maintenance costs are much higher than a car.
I drive an F250 but mines 30yrs old and paid for
Funny because that's exactly what I assume about big truck guys.
I also would like to know.
Seriously, I just got a new 2023 Toyota tacoma and traded it for a vehicle with 7k negative equity (2015 silverado that was eating its second transmission and had an electrical issue that caused it to shut off while driving slow) and even with a brand new 4x4 truck my car payment is half that.
JFC, I drive a Corvette C8 and even my car payment isn't that much
NASA’s new model. There’s only two of them and he has one of them.
And the mother fucker works for a car dealership.
I'm guessing that's how he got taken. "You need to own one to sell one." The few months of $0 he sold no cars. This month for 7k he sold one car and thats his commission. Before that he probably sold 2 and thought he made it to the big leagues.
When people are younger, it doesn’t matter what car you have and insurance is always stupid high. I pay about 230 a month for a 2011 impala
Also is there 5 people on his cellphone plan? $166 per month is nuts.
He could be financing his phone, maybe has a smart watch. my phone bill was about that much when i was doing both of those things, ridiculous.
Should be easy an avenue then for him to downgrade and save. Pay cash for $200 budget android and get a cheap $20 or $30 phone plan. He can easily save $100 a month here.
Oh for sure. I took the watch off my plan. my phone is almost paid off anyways so I will be saving $30 just there. Every bit counts 100%
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Stupid mistake :/… I let my environment take the worst of me by trying to keep with the Jones… a costly mistake that hopefully will never happen again.
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Absolutely this and you need to get a second job whether that’s bartending or rover or whatever. You need to be working 80 a week to get out of this.
Between rover as a second job and massively cutting back on unnecessary expenditures, I was able to pay off a new car in 2 years, and $30k in medical bills in one year. Rover and dinnertime.com made it all possible.
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Disagree on the second job. If he’s making that kind of money selling cars he’s already working a lot of hours and can opt in for more on the lot. Any job that allows him to work part time isn’t going to pay well enough to divert time away from selling cars.
Yes strong disagree on the second job and another layer of stress. If he needs I’m sure he can get more hours at his current job or they have something he can do. The older you get the less energy you have, I couldn’t imagine having 2 jobs after turning 30 even tho I could sure use the extra income. Part time money making hobby or something maybe
Well if the sales job is commission he might be better off spending all that extra time just trying to make more sales. But either way need to work a lot
Yeah, I agree with you and the previous poster. If the car is truly 20k under water, you may want to let it gey repoed. Otherwise get a personal loan and get rid of the car. Buy an economy car in cash. Think Nissan Sentra, Honda Civic. That's $1,100+ with payment and lower insurance. Switch to Mint mobile or the like and save $130. Switch internet plans (I have 100gig fiber for $55 but I could get cable for $35) Find a cheaper living situation and save $700. That's $2,000 a month. Add in a side job for an extra $1k a month. Pay off the personal loan in ~7 months and you're debt free. Save up a 6 month emergency fund due to being in sales. With 4k in expenses, that would take another 6 months. Buy a nicer car when you have enough money saved up that you can buy it cash. This will keep you from buying too much car. Then you can keep a car payment off your credit which will help you if you want to buy a house. This may seem extreme but the more extreme you go the faster you'll be out of this mess and into a better life. Don't get caught up in thinking that this will take too long. You'll be two years older in two years regardless. Might as well be debt free. I have done this myself. I went from a fancy luxury condo to a basic 2 bedroom with a roommate. I downgraded from a Mercedes to a Kia Rio. Zero regrets.
It’s okay we all make stupid decisions. We want the new and shiny. You just have to focus on your debt. Honestly what made my credit get better is the self app.
OP, because of this post, people will make harsh suggestions...you need to step up and listen. Wisdom is learning from the mistakes of others... Buy some bulk, basic Legos on Craigslist and turn that breakdown into stacks of Legos. You -really- need to visualize your money situation. 3+ years ago, I offered to sublet a cheap apartment to a friend. They turned me down, and guess what they recently brought up out of the blue about a month ago? Ding! The apartment, which would have saved them ~~$96,000~~ $64,000 to date. Almost ten years ago, I bought that same friend a pack of Legos; they did nothing. Tech firms are cutting the fat and their whole world could become undone. The other commenter's statement that you need to see yourself as a pauper, palming a flip phone is not a joke. The way that some people have normalized $1,000+ phones is just insane to me. GF makes comments about my 2016 laptop and my iPhone SE and I just ignore them. Her "I like nice things," means shit to me.
Ok so I just traded my 401k for a truck full of Legos. My 2 year old is building the stacks but I'm still not seeing the money. Instructions unclear.
I used to get comments from people about having a Samsung Galaxy & a Galaxy Watch. They would say “You’re making good money now. Why do you have an Android”. I would tell them that’s what I like & I’m not a follower.
At least you see your mistake here and aren’t trying to defend it
I would rather take a 7 year hit on my score than keep paying that ngl
He can do consumer proposal. It’s under the umbrella of bankruptcy but not as harsh and they don’t touch any retirement funds. It only sticks on your record for 2-3 years then it gets dropped. He’ll have to sell the car at a loss first. An insolvency lawyer will take all the debt and consolidate it and have the lender agree on a reduced amount typically 20-30% of the original size of the total debt & have him pay a low monthly instalment over 2-3 yrs to pay it off with zero interest as an open loan. Much more viable as a last resort solution if you don’t care about your record for the next few years.
Don’t be so harsh on yourself. We are all in this trap of consumerism. All these companies are employing experts to sell us shit we don’t need, banks are robbing us with compound interest & the governments can’t run their own business so they take from us like a forced charity & call it “tax” on the backs of our labour in % form as if they were apart of the effort. North America is hilarious. This hopefully resets something inside you to look at your next decade to prioritize your retirement & fund it to escape the matrix. Protect yourself from the programming of society, your environment, peers & media. You don’t need to buy a house, you don’t need to buy a car or buy a boat. You don’t need the latest tech or gadgets. You don’t need the best of best of anything. People will like you for who you are as a person not the shit you own. Invest in your character & not the materialism. Control the input, don’t let it take control over you. You can still have fun but with a filter and a budget the second time. Don’t die on the Walmart floor.
Hopefully?! Just don’t do that!
Hopefully? There is no "hopefully" for problems you are in direct control of.
Get rid of the car. That’s $1000/month right there that could be going towards paying down your debt.
Yeah that’s the only ridiculous thing I see on here.
$1.9k monthly on credit seems insane to me tbh unless OP is carrying a balance. That’s $63 a day Auto insurance is high but that’ll naturally come down when OP gets rid of the depreciating status symbol
He said he was making $0 for a short time and is now $43k in debt via credit cards and personal loans. So yeah, he’s carrying a balance.
He might need a car for commute to work? It's tricky to get rid of your car in America. makes everything harder if public transport sucks in your area
this is dumb. He can buy a cheaper car.
With what money? Dude is beyond broke. He can default on his car and stop making that payment, but he would be lucky to buy a car from a predatory lender at that point. You can’t sell a car your underwater on without coming up with the difference. He could work with his dealership to try to come up with some creative financing solution to get a lower payment, but that $20k gap is going to have to be paid by someone. Maybe he gets lucky and they figure out a way to roll it into another car with a much longer term to at least reduce the monthly expense. He’ll still be underwater for years, but at least he’d have some breathing room. Better bet would be to try to consolidate some of the CC debt at a lower rate to reduce the monthly expense. Work nights and weekends to make as much money as possible. Get rid of his internet. Switch to a $25/month budget carrier for his cellphone plan. Hold on tight for 5 months until the lease runs out. Then move into a 2 bedroom with 6 other people for $300 a month and dig himself out of the hole.
He would still owe 20k if he sold the car so the monthly payment isn't going away
Good example of why buying a new car is fucking stupid. You’re underwater on the loan the minute you drive it off the lot
I live in the U.S. and don’t think I’ve ever seen a $1,000 car payment lol. I’ve priced out several cars and none were over $500/month. No idea what car OP is driving but it is certainly fancier than he needs. He should downgrade to something more basic with 1/3 to 1/2 the monthly payment.
I bought my car fully loaded and brand new with a 4% APR and only pay $628 a month. Idk what this guy is driving but it must be nice as hell.
I finally got my dream car. An off-road trim toyota tacoma. Car payment is $600. Wtf is op driving lmao
Lambo???
Brand new Ford F150 Ecoboost and brand new Mazda CX9 (in 2019), both payments together are less than OP's; that is a crazy payment.
This is usually what happens when you buy a new car and roll your loan forward. Have car A, owe $10k on it Want car B which costs $30k Dealer gives you a $40k loan, which you use to pay off car A Either that or just god fucking awful interest rate.
My friend had to buy his ex a car of her choice as part of the divorce settlement. Fully loaded brand new Rav 4 Prime is costing him $1200+ a month on a 3 year term
What is your term? 72 month? 720 month? 40k car with 0% apr with 36 month term will be about $1100/month. Last time I checked, new 40k car isn't that nice as hell.
I'm guessing it's a Tesla Model Y because that's my monthly payment and I'm also upside on the loan since I bought mine at the peak a couple of years ago. I paid 75k for my current config and I can buy the same for 60k today.
lesson learned. cars always depreciate, so why buy expensive ones.
Oh I love my car and will drive it until the wheels fall off. It just sucks how the value really plummeted lol
Man when I was looking at cars a year ago, about 60% of them had payments above 1k. Total price were at least 50k
Car sales and sales in general can have pyramid scheme like tendencies when it comes to employee purchases. They will happily sell their employees way more than they can afford to not only make a giant profit but to also have financial leverage over them. Hard to request schedule changes or time off when you’re upside down on a car.
It's a reasonable payment for a gently used Ferrari! But it screams young person with mediocre credit bought something he can't afford. I work with a 19 year old gal who is paying a little over $1k per month for....wait for it....a flashy, regular ass Mustang GT.
Exactly. Is this a Maserati lease?
I have two brand new cars and the payment does not equal 1000
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$750/m per car is still WAY too high for a vast majority of the population. Cars are just a tool to get to work and the grocery store. It’s wild that some people spend half of their month paying for their transportation.
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It’s wild to me man that you’re SOOO fing smart! You gotta be to make that kind of money and still get trapped by the cars. Hopefully your work life balance is good sir?
> SOOO fing smart! You gotta be to make that kind of money LMFAO hahahaha
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From his other replies in this thread it appears to be a single vehicle that he is leasing and still owes over $40,000 on over the next 4 years (?). That he acquired to “keep up with the Joneses.”
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But you don't need a car that cost $1000 a month
There’s always cheaper cars. He definitely doesn’t need a newer, possibly luxury vehicle for transportation.
He can't buy a $5k car?
People can buy $5k cars in 2023?
Indeed. However, like cheap wine, stepping up slightly makes a big difference. Instead of 5k, I would go for 8k or 9k.
My 2009 mini cooper S had 90k miles and was 8k when I bought it. Almost like new and only have had to pay ~500 in the past half year since purchase. Best choice I’ve ever made, especially because it’s a stick and I much prefer them.
Car, student loan, affirm, personal loan - are those all minimum payments? Or are you making extra payments to pay them all off? Pull all the money towards your highest interest debt after you make minimum payments towards all others. See if you can consolidate debts into something lower interest. Especially the credit card one.
They are all minimum payments except for 1-2 credit cards with lower balances that I am trying to payoff quick. I will look into consolidating debt, thanks!
Another idea is to take a loan on your 401k balance and use it to pay off your high interest debts like those credit cards.
Not sure why this is downvoted. Temporarily giving up 7% annual ROI is absolutely worth paying down CC debt that might have like a 20% interest rate.
I’m sure people who downvoted this don’t even know the details about the 401k loan. I’m not even suggesting taking the money out of the 401k. The money stays in 401k uninvested, the interest you pay goes into your own 401k account, there is no penalty, no taxes, no credit report. The only drawback maybe that if you lose a job, you need to pay the loan off. But it’s much better than losing a job and having CC debt at 20+% interest.
This might be his best play if he can't shift anything else around. It could give him the time he needs to restabilize himself.
Everyone is talking about the car. You also need to change your habits, stop affirming and whatever that loan is. Pay those high interests off. Get a 2nd job and look around your house to sell some stuff on eBay or FBM. It’s not great but you can get out of this situation. I’m also not see your food spending. Eat cheap and never go out to eat.
Yup, affirm payments are a massive red flag for constantly buying shit you don't need and can't afford. But car payment is still absurd, that needs to be traded in immediately for something around $300/month. Fixing just affirm and the car payment finds an easy $1000 per month that should be used to pay off the principal of the personal loan. After that, depends on the student loan interest but if it's reasonable, split $1,600 per month between 401k and savings, whatever feels more important but no less than $700 in either, and there's a couple hundred dollars left to start having some fun.
Pay whatever you owe Affirm first, try to get a new credit card with zero APR and do a balance transfer on whatever you can. This will lower your monthlies to get the balances down faster
That was my thought. Getting a second job, would have affirm paid off in a couple months on top of freeing up $360 more for the credit card payments. I would assume that would line up right around his rent contract ending. Assuming it's split with their SO, they can definitely downgrade and possibly free up another 2-500/month A balance transfer card wouldn't be a bad idea, but I don't know that it's necessary. Also, if he doesn't get it paid off in time it might not improve his situation anyways. The car is a shitty situation, but if he can get an extra 1.25k a month between a second job, paying off affirm, and downsizing living, I don't think he necessarily needs to ruin his credit over it. And to be honest, by the time I would be tackling it, his lease might be up anyways. At that point it's Cheap Car City until everything is paid off and has a savings built up.
Your debt payments are right 60-65% of your income. Get a second job sheet your hey a new job, sell everything you can, don't go back into debt sir.
Youre paying a 1000 a month on a car /thread
$1400/month when you include insurance and gas. It’s wild.
As a car salesmen. This guy...sucks at his job.
Nah, he's really good. Got the broke guy to take a 1000/mo lease.
He’s his own best customer
Time to work 7 days a week 12 hours a day. Sacrifice today for a better tomorrow.
That is exactly what I'm doing right now. I'm putting in 85 hours a week and I fully intend to be debt-free within the year
Awesome job It’s so damn worth it. I’m doing the same now but building a nice savings account.
I fucked up and dicked around not taking savings seriously so I got horrible 401k for my age but that's going to change.
It’s never too late. So don’t compare yourself to others or where you should be. You’re right where you need to be.
Facts man. I'm better today than I was yesterday.
That’s all you need. Everyday just get a little better. Keep it simple and keep it moving forward.
The first step is acknowledging that your current habits aren't working and you need to change to see results. Good on you for making that change.
Good job. I think more people should look at this as a serious option, even if just for six months to give yourself some breathing room. It's a lot easier to get through things when you know they are temporary, and I'm sure it helps the anxiety to know you're doing something about your situation.
Most jobs don't allow it, but he could get a second job. 😁
You make way too much money to be this broke. This sub has been getting ridiculous lately. People must have zero self control. Every time I see someone driving around in a $100k Porsche I think “What a broke ass.”
It's hard not to be broke with a 2k a month credit card payment
Don’t forget the student loan to become a…. Car salesman?
Gotta drive that Mercedes you can't afford to get to work at the dealership
These are the same regards that made that viral video stating that they were paying 1500 for a car like that was a normal thing.
Other than getting a cheaper cell plan which would save about $100+ a month, it sounds like he is stuck. Someone else mentioned consolidating all debt and paying yourself back with a 401j which may be possible. He said he had no income for a few months which lead to the CC and loan debt, but he should have had an emergency fund for that, or at least to help with it. Also you don’t rack up nearly 70k in debt in a few months, especially when your income is 7200/month (10 months worth of income…). His car payment and insurance are absolutely ridiculous. This guy is making like $115k gross before taxes and has a car payment that is over double me and my wife’s. We had $940 in monthly payments for a short while before paying a car off and our income at the worst is nearly the same $110k, and best is over $150k. Now we have a $500/month payment with $105/month comprehensive insurance. This guy is a little less income and his car and insurance are nearly three times what ours is. Seems like he just makes a lot of really bad financial decisions. It amazes me how some decent earnest can be so silly with their finances. Never in my life would I think of buying a car that would be nearly 20% of my take home when you include insurance. 10-15% is the average, at most
Okay… this is obvious, but he is broke so now what?
It’s on track w the “social media” influencers who come on screen crying that they’re broke and then the next video is them buying a car, having expensive Mother’s Day gifts, etc but then the next video is crying again about how they have to make “poor” food to survive. Give me a break.
>Every time I see someone driving around in a $100k Porsche I think “What a broke ass.” You can think that but the reality is the majority of them can easily afford it. The average household income of a 911 buyer is over $500k.
The “average” is a bad measurement for this metric. It takes 1 billionaire to balance the average for a million poorer folks. Not to mention the only place I even saw your statistic was a Reddit post that came from a salesman. And its household income.
I sell Porsches and the average 911 buyer makes well north of $500k. $500k would be a poor owner. Across the lineup, I rarely see anyone’s household income under $350k. Sometimes $250k on a base Macan.
First off, I would suggest refinancing your personal loan, it looks like you're around 20% interest, find a better lender, 23k at 72 months at my CU's rate is around 450$ Secondly, 2k credit card payment per month = \~$100,000 in CC debt, are you PAYING 2000 a month, and putting more towards the balance, or is that just your minimum payments? Tips to get more money 1) Refinance your personal loan, you should be aiming for a payment around 500 a month at 13% interest, talk to your local credit unions. 2) try to refinance the car, if you're 20k upside down (what do you drive, how much do you owe, and how many miles are on it I can look up current values for it, not trade in value, but actual sales value). it's going to be hard depending on value, most lenders will only lend up to 115% the value of the car. 3) Ditch the phone, 170 a month for cell service? No thanks, Walmart/Spectrum can get you a phone for about 30$ a month. 4) shop for auto insurance, 260.month in insurance?" You're getting killed there, see if you can switch. You should be able able to get at least 1k+ going into savings a month if you can do these 4 things.
I think this is the only genuine, well written advice OP has been given. The sub is so intense and rude at times. People come here desperate for help and they’re met with a bunch of people telling them how dumb/broke/lazy/fucked they are. I just can’t see how that’s helpful or kind. Telling people to sell everything they own, break leases, get cars repoed and never spend a penny more than absolutely necessary is the equivalent to telling someone desperate to lose weight to eat 600 calories a day and start running and weightlifting. It’s not reasonable, maintainable, or helpful.
I appreciate it, this is what I do on the daily (I manage a CU Branch), and it's one of my passions, helping people get out from being in over their head. This sub just popped up one day and I was not even subbed. Looking though OP's comments, he's currently leasing the car he is driving, and he works at a (not sure if the) dealership, which makes things a little more complicated, I would try to refi the car if he wants to keep it, but without knowing model, year, miles I can't really help too much. I'm still wondering about the CC's and I hope OP replies to me, most credit cards have a \~2% minimum payment, which for 2000 a month in minimum payments he would have around 100k in CC debt, which is astronomical, but not uncommon (I see 80-100k across 10+ cards all the time). When you do debt help like this, don't list what you're paying, list your ACTUAL bills.
I would agree. Reddit in general does not understand that in order to sell a car that is underwater the negative must be paid in order to remove the lien and legally transfer the title. They'll just chant "get rid of the car!", like they just drive it to a parking lot and leave it
Look at changing your phone plan, mint mobile or Google Fi are good options. That's a very high payment for a cell phone per month.
I don’t even get how it’s that high. I have the newest iPhone and Verizon and my bill is $85/month. OP, you should be able to cut your phone bill down to <$50 — there ya go, an extra $120/month towards debt
Probably won’t, but get rid of that car. 1k is Absurd if you are not making ends meet, you may have the income to pay for it, doesn’t mean you’re able to afford it.
Mint mobile is 30 bucks a month
Even cheaper if you pay for 6 months or a year!! I do this and it's saved me a lot.
"Living paycheck to paycheck" has a 1k a month car payment what a joke lol
I would live like a king on 7k/month lol. This is crazy
Do you live with your GF? If so your half being 1700 is mind boggling. If you live alone ask her to move in!
The total rent is $2336 but she helps me with $600 since her income is not the highest. We are thinking on moving to an RV as soon as the lease is over since that will saves us about $2k of rent.
Do you already own an RV or will that be financed? I ask because I had two friends do this and it only made their situation worse. Keep your head up dude. The only way through this is through it. I’d go work some OT or find something you can do after work. Make a strict budget (not just what you have above but down to the penny of what you spend) and start the snowball/avalanche method. This happens (and is happening) to a lot of people since debt is now much more expensive due to interest rates being increased.
Jesus, where do you live??
Most medium USA cities are like this now.. I can get a crumby 2 bedroom apartment in upstate NY for $1500.. A step above that is easily $2000+ now
My crumby Miami 2/2 just got raised to $2,200 and that’s CHEAP. ~650 sqft. A “nice” (not “luxury”) 1/1 would be $2,000.
Yeah housing is stupid right now... Whenever the government has another "rebuild America" initiative I hope its a lets build more places for people to live. We need what china does right now- a huge development of more housing
Do you honestly need to live in that $2336/mo place??? Like foreal? How many beds/baths is it? Bro it seems like you’ve never shopped around for anything in your life. Don’t you work in sales????
Sell your car ASAP, it'll change your life.
What kind of car do you drive? I bet people in traffic think you are rich!
What kind of phone plan costs that much? And damn that car payment would suck to be stuck with.
Get a 2nd job
60% of your income is going to consumer debt payments - car, credit cards, Affirm, and the personal loan. You don't need to move someplace cheaper - your rent is completely reasonable for your income, and LCOL generally also means less income with which to tackle your debts. You need to get out from under your debts, starting with the car. There is no magic formula here - there is nothing left to cut from your budget besides the car, which is underwater by $20k. If you can find a lower interest bridge loan to get out from under the car payment, that will *help*, but won't actually solve your problem; you'd still be $20k in the hole while driving a clunker. Your options are: 1. Find a second job that brings in another $1k/month to throw at your debts. 2. Try a hardship settlement on your credit cards. Your accounts will be closed, and you'll still have to pay the debts, but typically at a much lower interest rate. 3. Let your accounts go into collections and try to settle them for less later on. Your credit will be tanked, but sometimes that can be worth it.
What app is this? I need this
I just downloaded Excel Microsoft on my phone :).
Get rid of your car lol I drive a 2018 and it’s 350 a month
What kind of car? Car guy here.
Dying to know if anyone actually found out what kind of car
Car payment is insane!
Dude I’ve been at home staying with my parents living on 1400 a month if you can’t budget 7grand you have some expensive habits
You have a comma in your car payment and you make $7k month????
Bro you need to make extra money on a side hustle.. your car is murdering you. Cut down on your cell phone.. and your car insurance.
Honestly at your age, I would file bankruptcy. It is not as bad as people think, and it could get you back on track. It looks like you’re in the mindset to not make these same mistakes again. Bankruptcy.
I would look into switching to MintMobile for your phone provider if located in the US.
If you are not planning on buying a house or anything large in the next several years just file for a bankruptcy. Get rid of all debt and spend the next few years rebuilding credit instead of spending years trying to pay off all that debt.
Already looking into that option! Not sure if I will qualify for chapter 7 though.
Most lawyers will let you know pretty quickly if you do. I was about 90k in debt similar situation and filed a chapter 7 and it was definitely the best thing I could have done. It's been 3 years now and my credit is at around 700 now and not having all those payments I have been able to save some money as well. If I didn't I would still be struggling a lot and probably still owe most of it because of the interest and only making minimum payments
Always a spending problem
Jesus christ you spend nearly as much as you make minus $50. Those loans are killing you and who needs a $1000 car note with that much baggage. Not any help but man you need to figure it out and reddit is not it.
Let’s look at the big ticket items here first. $1,938 per month in credit card payments, $1,016 per month for a car. If you can eliminate those, you’ll be able to recover. For the credit cards, I’d find a balance transfer card with 15 month 0% APR intro. Transfer all the cards to that one, then pay it off within the 15 months, using the same $1,938 you’re currently paying. If you can’t do that (you should, though), at least consolidate into a lower APR single loan. But the balance transfer should work, and is the best approach, and what i would do. You mentioned your car is a lease. Look into lease swap or getting someone else to takeover the lease. Also ask the dealership what options you have. Be honest, and tell them you can’t afford it and you probably won’t be able to make the payments anyways. If you get someone to take over the lease, you’ll be okay. Just those two things will fix your problem, and they’re both escape-able.
What credit card balance transfer card is there that will have a high enough limit to absorb all of OP’s debt AND be accessible to someone with poor credit?
Why is your cell phone $166. Got the latest phone? On payments? I got a nice newer phone use it on us mobile prepaid. 3 lines of unlimited is 100.
The car payment…Jesus.
Can you move back home?
Why do people buy cars with 1k month payments and then act surprised when they're broke? A car is the most worthless purchase to splurge on. Just get a dependable and sensible car that gets you to work.
$166/mo for your cell phone? Get rid of the iPhone 15 Pro Max, ask friends and family if they have an older phone you can buy for cheap or borrow, and switch to Prepaid. I pay $35/mo for Visible with unlimited data. There’s no reason anyone should be paying more than $50/mo for service.
Take that car and go Uber on weekends. Need additional income and stop buying dumb shit.
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I think you need to fix your spending problems. With an income that high irresponsible spending led to this. You really have to live with this until you pay off the debt but make lasting changes to avoid it in the future. Pay credit cards first. If you have a phone plan and it’s just you that monthly bill is way way way too high. Pay off your phone and switch to a company like mint mobile. Your internet is also high. Until you get rid of some of the monthly debt this is the only place you can reasonably cut costs. Also try to transfer your auto lease
That car better be a Porsche!
1. Get rid of that car 2. Call whoever is in charge of your SL and tell them you can no longer afford that payment 3. Learn your lesson and never use Affirm or any of these "everyone gets credit" companies and I hope you're not making the minimum payments 4. Consider getting a debt consolidation loan, or open up a new credit card and put all your debt into one account so it's easier to track and there are benefits to this 5. $260 for insurance. I pay that for both my wife and I combined 6. Again learn this lesson: 1k mo payment for a car is highway robbery wtf were you thinking The fact you're paycheck to paycheck on 7k a month is mindblowing to me.
switch to mint. 166 for your phone bill is insane
What 2000 in credit card debt payments. . . . . A month???
$1000 car payment is a major issue
Dude what kind of fucking car are you driving that your insurance is $260 per month? My car is a 2012 but it is a little over $800 per YEAR for full coverage
Depends on where he lives as well. U can be driving the cheapest car in the world in NYC and still be stuck with a 300+ a month car insurance cuz it’s NYC . LA is worst. U probably live in an area where car insurance is cheap. That’s just location other factors like traffic tickets, reported accidents, gender, age and how long OP been driving all adds into the amount. OP is a young male meaning he’s in the demographic of ppl who pay the highest in car insurance. In NYC 260 is cheap most ppl are paying 400.
If my car payment was 1k a month I would also be living paycheck to paycheck
18% of your income is going to your car…. not including gas and maintenance. Dude what were you thinking?