[quote=lpjohnso][quote=all]Selling a house in order to keep buying new car every 2-4 years does not sound like a great idea.
You might not like spdrun’s model of driving 20+ year old cars, but is 2013 Prius really that much better than 2007 Corolla? And the lease on Odyssey is close to what monthly payment would be if you just bought new.[/quote]
I’m totally down for the 2007 Corolla.[/quote]
Is the wife ok with the 2007 Corolla? In my shoes, I know my wife likes newer/nicer cars than me now so it’s a hard sell for women to drive old cars (safety).
I do the balance transfer thing unfortunately…I do get some 2% fee ones so since we run a business and charge a lot, have lots of cards and very high limits. That makes it easier to avoid messing up. I think if you also miss a payment, all your cards can get jacked up to a very high APR so you need to have high attention to detail to not mess up.
I assume you aren’t contributing to a 401k? If you had a large balance, you can also do a loan which is a decent option IMO. Pay self interest, fast access to money, can withdraw a lot, doesn’t show up on any credit report…
You lose that saving for the future thing, but hey, if you’re paying 20%, I think you need to close that card out ASAP.
I think your 2 cars are definitely screwing you up. Our soon to be paid off car is lower in payment and we’ll own it soon. Course, we put a lot down initially so it never was underwater…
With all the data, I think it’s safe to say you shouldn’t refi/cash out as there are too many things to spend on.
