Just found out the wife ran up some serious credit card debt

I call bullshit. Ain’t no one good enough to pull the trigger like that, especially at your age. Eyes and reflexes aren’t that good Methuselah.

 

I've driven older beaters most of my life. However, I can understand leaving his wife in a nicer, newer car, as she probably is the one that usually runs the kids around and you don't want mama to get stranded by herself or with the kids.

It's easier and safer for the guy to deal with the older beater.

Yea, that's the same reason I don't use a debit card.

 

Ahh...but I am and we do..

 

I try to end up on zero or five...in restaurants, I round tips up to the next even dollar.

 

I am rich so just go wild Oh wait ....

I am not nearly as tight as I could and have been. Largely due to years of being responsible on budgeting. Oh and studies have shown cash spends best. When it is out it is out unlike plastic.

 

Same.

 

I've been following along. That sounds like a good plan. It'll also take a display commitment on your part to show her you've got skin in the game and aren't laying it all at her feet. I would recommend keeping one bike, and selling the other 3 in order to do so.

And if her truck is nicer, then sell that one, plus 3 of the 4 bikes. Then she can pick which she drives between your vehicle and the beater Honda.

 

lower rate i get.. but not much sense in paying thousands to refi, just to get a shorter term. You can just make additional payments and pay it off early, for no additional costs.
Agree that a 2nd mtg or equity line is higher than a 1st mtg rate , but 10% beats the fuk outa 24+-%
It's all relative. depends on a lot of factors, including the outstanding amount and ability to pay it off, of course.

 

Probably not, I worded that wrong. On my first house I did both in same time. From 30y to 15y and 2% drop.

 

Same here, I’m liking my 2.375 15 year right now. The only downside is I’m stuck here for years because it won’t make sense to take on a new mortgage with how good the current one is.

 

Well you can always turn it into a rental, if it will cash flow and then keep the benefits of your lower interest rate.

You can also sell it with a wrap loan. Much riskier and I did it once without getting burned. I had a 15 year lower interest rate from a loan in 93 and sold the house in 96. I don't remember the specifics, but a person bought the home and paid me a higher interest than I was paying the bank. I figured the worst that would happen is I would own the house again. In my case that didn't happen.

https://www.investopedia.com/terms/w/wrap-around-loan.asp

I actually think there maybe many people offering owner financing in the future, when they sell for whatever reason, and they want to still benefit from their under 3% loan.

 

Went downstairs last night and took the blanket off my 99' R1. Man, what a beauty just to look at, these new bikes just don't do it for me. I was never a good wheelie rider but that bike always brings back memories of just rolling on in 1st gear and lofting the front wheel, whenever you wanted to. Sadly, that will probably be the first one I put up for sale.

She has a 2011 Toyota Venza SUV with 150K on it. Roomy, great shape and she loves it so she probably needs to keep that. My 4Runner is a stick shift (which she can't drive) so I'm going to sell that and put straight towards this debt. Had it for 15 years now but it's time for it to go. The beater Honda Accord with 260K on it still runs fine, I'll live with that for a while. In a couple days we will have paid off $3,000 so that's a start at least.

 

Yeah I see a lot of repeating statements, and some holier-than-thou judgments. He came here asking for advice and admitted his blame in the situation. But pitchforks and 3 ft screwdrivers and such.

 

It's all good. We all need a little ass kicking every once in a while to stay on the straight and narrow. Appreciate the kind words though.

 

Lot of respect to you posting up. I've learned a bunch just from reading the replies. We're not in any debt luckily but I picked up some great advice on keeping it that way. Stay the course!!


Oh, I'll buy the 4 runner and you can have first right of refusal if the time comes

 

See if any of your friends will buy that R1 or other bikes and if they’ll give you a “rights of first refusal” when they go to sell it.

Something similar is how I bought a harley. My buddy liked it but didn’t have the $$ and I wanted to ride that season on an Electra glide so I told him I’ll buy it, enjoy it, and he can buy it off me. Got to enjoy that bike for a year before selling it to him for same price.

so you admitted that last time you didn’t pay off your debt completely. So what makes you think this worn be another flash in the pan thing?
Why didn’t you consider selling off your bikes when it was 22k debt? Rhetorical questions but I want you to think long and hard about your family’s lifestyle choices. Cuz next time you won’t have 4 bikes to sell.

 

That's a really great idea!!!!

 

dude...if you have a plan that takes a year or two or even three, go with that. you can Marie Kondo, sell things that don't bring joy. You already have older cars, you aren't going to get something else cheaper.

don't fire sale everything. you'll hate life.

 

You have impeccable taste in vehicles

 

I agree with this. I don't know what the 4 runner is worth? I will say while I always seem to drive beater cars, I also have a back up of other beater cars/ work shop truck. My beater Natural gas Honda Civic blew the motor a year or two ago, and I just started driving the work Ford parts truck, which about a month ago, suddenly lost power. I need to figure out why, but instead moved to the work Toyota Tacoma parts truck.

So since you don't have huge money tied up in cars, and they have some miles on them, it isn't horrible to keep one as the back up. Obviously that means more insurance and registration too, so you have to figure that out. But like @BigBird said, it is okay if this takes longer than 12/24 months to get fixed, as long as you guys have a plan and are working together towards your joint goal.

The other option is a bike could be a back up? I commuted on a bike for about 6 months when I lived in Huntington Beach and had to commute about 5 miles. I hated it. I'm not a motorcycle commuting fan. Itchy head, fix hair again, takes awhile to gear up and down from the short commute. Sucks if I had a demo that day and needed to be in a business suit, etc.