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DownhillGoat · 10-11-2012, 01:37 PM

I never got the mentality of paying huge amounts of interest to build credit. I managed to build credit with a low fee card (without carrying a balance), a few monthly bills and then snowballing from there.

29% is disgusting, and at that point I would be walking and saving to buy the car cash.

A buddy of mine with bad credit was in that scenario, repo offered him a 25% rate, his bank gave him 12%. I suggested he get a bit of a down payment first. He didn't, and 5 years later is still paying off a $12k truck...

Hopefully pylon can get something worked out for your friend, but hopefully your friend reads a few issues of money sense in the meantime. Sounds like she's in dire need to some financial basics.

Also, that "buy a new car every year" to reduce the rate is a complete bs move to move cars.

10-11-2012, 01:37 PM	#19
DownhillGoat Franchise Player Join Date: Jan 2010 Exp:	I never got the mentality of paying huge amounts of interest to build credit. I managed to build credit with a low fee card (without carrying a balance), a few monthly bills and then snowballing from there. 29% is disgusting, and at that point I would be walking and saving to buy the car cash. A buddy of mine with bad credit was in that scenario, repo offered him a 25% rate, his bank gave him 12%. I suggested he get a bit of a down payment first. He didn't, and 5 years later is still paying off a $12k truck... Hopefully pylon can get something worked out for your friend, but hopefully your friend reads a few issues of money sense in the meantime. Sounds like she's in dire need to some financial basics. Also, that "buy a new car every year" to reduce the rate is a complete bs move to move cars. Last edited by DownhillGoat; 10-11-2012 at 01:42 PM.