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Redroyalbet
6 months ago
Thursday, June 25, 2009
Indecision..
I haven't posted in a while because I haven't been able to decide whether to keep paying down my credit card or save for a replacement car for my son, who wrecked his car in the spring. I still haven't completely decided, but I'm leaning toward not replacing the car even though sharing a car will be very inconvenient when school starts. Paying down the credit card makes more sense financially.
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6 comments:
I've found it's better to go with your gut instinct, and it sounds like credit cards are your first priority!
I think you're right, Sharon. I think paying the credit card is the right thing to do for many reasons--being responsible myself and encouraging financial responsibility in my son.
Was the wreck his fault and does he have alternative transportation, ie the bus? Definitely pay down the credit card, it makes more financial sense.
The wreck was his fault, but he was not ticketed. He was stopped at a stop sign, traffic was backed up, and someone waved him through--hit an oncoming car. No one was hurt. He learned a valuable lesson about trusting other drivers.
We missed you;-). I definitely say pay off the credit cards. Can your son earn some income to help offset the cost of another car? Perhaps he can work this summer to earn $1K - $2K and purchase the car himself.
Thanks, Ms Money. The job idea is one that I have sugguested. He had a part time job last summer, but he is training really hard for cross country this summer and feels that it would be difficult to train and work. I'm willing to let him make that choice,but one of the consequences of choosing not to work is the inconvenience of sharing a car with your mother!
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