Debt Management Regulation

Debt Help Advice! Complicated Situation…?

*Sigh. Somebody please give me some good advice. So, I make between 18 – 19 / hr at about 35 hours a week. That is a total income of $1900 a month. I messed up once in my past three years ago and my credit score is now 597. I have a history of repossesion (redeemed). I currently only have 1 credit card thats interest rate is a whopping 16%. I owe $3300 on the credit card and is currently making only minimum payments. No credit line increase on that card obviously. I have one auto loan that’s interest rate is about 13%. I am making payments of $120 on that. About 85% goes to the principal. I have $2900 left on that loan. Meanwhile, yesterday, my car broke down and it turns out my transmission is done for. Meaning, because I still have not finished paying my loan, I cannot sell the remaining unworking car and I still need insurance on the car due to lender regulations. However, I need a new car. Any advice on consolidating loans or debt management? or whatever?!!!

Huh? You can’t afford to pay for a transmission and you need a new car? Sorry it sounds like you are looking for an excuse to get a new car. And if you are are making minimum payments on your card what makes you think you can handle a higher car payment. And if your credit score is 597 the last thing you need to do is add more inquiries and debt. Also this is a very simple question and you really need to think about it, why do you not have a cash reserve?
Shop around for a company that can put in a rebuilt transmission. You might not even need that. A lot of times they say that, but you can get by with a lower cost repair.
Good luck.