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Tag Archives: monthly payments

6 Year Loan For a Honda Civic!

6 month car financing

I guess I’m out of touch with many consumer issues these days. We haven’t financed anything other than real estate in over 5  years, so I’m not hip on the going rates. I was looking at a newspaper last week and my bottom lip hit the floor when I saw an ad promoting a six year loan payment of $272 per month for a new Honda Civic! What is the world coming to? Long Term Payments Are Nothing New Vendors  have been offering extended term monthly payments for years. It doesn’t matter what the sticker price is as long as you make the payments low enough for consumers to think they can afford it. We rationalized ourselves to this philosophy for years. The problem is that once you owe lots of money and have payments, adding a few more seems like no big deal. It’s no big deal until you wake up one day and realize all of your salary is going toward monthly payments. Car payments used to be no longer than 5 years. If you couldn’t pay off the car in that amount of time, you couldn’t afford it. Then, in the mid 2000’s dealerships started offering longer ...

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Can You Be Happy If You Have Credit Card Debt?

For anyone who has ever struggled with credit card debt, I’m sure you realize what a drain on your budget having to make monthly payments plus interest can cause. Since the average American household carries over $7000  in credit card debt, having those monthly payments is something many of us are familiar with. We all know that carrying too much credit card debt can wreak havoc on our credit scores, our ability to get good rates on home or auto loans, and could wipe us out if we are living paycheck to paycheck. My question today is about quality of life and if people can truly be happy when they have credit card debt. What Is Happiness? I think before we can answer that question, we have to define what makes us happy. Is it having new clothes? Is it standing in line to get the latest iPhone? Is it spending time with our family or going on a vacation? Think about the last few times you felt really happy. What were you doing that made you feel that way? Do Things Really Make You Happy? If your answer included something monetary like clothes or a new car, I would ...

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