Getting out of debt

[brolfs]

Hey,
I am planning on going on the road in the near future. My only set-back is that I'm stuck with an upside down car loan and there doesn't seem to be any solution. I really don't see a way to live on the road with a car payment looming over me. I've even started a Gofundme page! What can I do guys?

 

[SoulRaven]

Buckle down and pay it off. If you google blogs about getting out of debt you'll find all sorts of resources at your fingertips and lots of people in similar situations.

Getting out of debt involves the hard work of generally both increasing your income and/or reducing current expenses, but it's a sure way out of the mire. It's the slower, more agonizing path, but as a bonus it teaches you the habits that can help keep you out of debt for the rest of your life.

 

[mayble]

Volunteer for extra shifts, get a second/third job, scour craigslist for odd jobs, pick up cans along the side of the road, sell whatever you can part with.
Strip your expenses to the bone and put every penny you can scrape together on your car loan.

It's kind of like dieting - we'd love to find a quick and painless solution, but in the end it comes down to patience and discipline.  You'll get there.
I'm in the same boat.  As much as I'd love to get on the road asap, I know in reality it will be two years or so before I can get all my ducks in a row.

 

[VanDwellerMod]

Welcome to the CRVL forums brolfs! Glad you are here. The 2 ways to get out of debt are to either increase your income or reduce your expenses, using the extra money to pay off your bills. If you are not currently a vandweller, one way to reduce your expenses is to move into your car and use your rent/mortgage money to pay off the loan. We have several folks here that live out of their car; so, we are more than happy to help with those types of questions.

To help you learn the ins and outs of these forums, this "Tips & Tricks" post lists some helpful information to get you started.

We look forward to hearing more from you.

 

[steamjam1]

A buddy of mine who followed me into Van dwelling was in that exact situation. He saved up a grand, bought a crappy Mini van that ran fine, moved out of his apartment, parked his expensive car at his parents house for 6 months, and poured every penny he made into paying it off then turned around, and used it as a trade in for a new van that didn't suck. Then he spent a year pouring every penny he made into paying that off.