Hey Reddit, I need some major help. My father has over the past year accumulated over $25,000 of credit card debt on a high interest (22%)
He works as a commercial truck driver and financed a truck 2 years ago for $96,000, which thankfully he only owes $40,000 left on it. (13% interest)
The truck is constantly breaking down, resulting in repairs of thousands of dollars every single month, sometimes costing more to repair then what he earns.
I've already spoken to him about possibly switching over to driving for a trucking company that would provide him with a company truck. This would alleviate the repair costs, insurance and truck loan payments.
I was considering having him do a balance transfer to a citi card that offers 0% interest for 21 months which would come out to $1,200 a month in payments to pay off completely.
That still leaves the payments on the truck and with him maybe moving to a commercial trucking company, his income would be cut in half. Which may not leave enough money to make the payments on the truck.
What would be the best course of action with paying off the $40,000 owed on the truck? Is there a better way to handle the $25,000 of credit card debt?
I understand that the credit card balance has to be paid in 21 months if transfered because of retroactive interest. But what about the truck payments, can those be paid off with another method? Is it possible to get a private loan to pay off both at the same time at a lower interest?
We're also trying to sell the truck, If anyone has any ideas on what the best place to sell that would be. It's got only 500,000 miles on it and it's a 2012 Volvo VNL780.
Submitted March 24, 2017 at 10:32PM by ImFromUpstate http://ift.tt/2nOAD8k
