I don't have a car to get to work, Should I buy a car or pay off my credit card debt?

Currently 20 years old, when I was 17 I went stupid and racked up credit card debt which is now at $2200 (account closed). The minimum payment is $70 but I usually pay $90. I only make $1300 a month and after other payments and rent that I pay I only have $600 dollars to my self. I don't have a car and my

Currently 20 years old, when I was 17 I went stupid and racked up credit card debt which is now at $2200 (account closed). The minimum payment is $70 but I usually pay $90. I only make $1300 a month and after other payments and rent that I pay I only have $600 dollars to my self. I don't have a car and my mother always takes me to work. My tax return is going to be $900 and I'm not sure if should save it to buy a car or put it towards paying off my debit.

Best Answer:

Richard R: The price of a car is just the beginning of the costs involved. The car payment, gas and oil, license fees, insurance (a biggie), wiper blades and fluid, ice scrapers, and occasional large expenses such as tires and repairs all add up to an amazing amount.

It's up to you, but first figure the expenses as above, the car payments and all the extras. Then figure the interest each month on your credit card debt. I imagine you contribute to your mom's gasoline expenditures, so factor that in too.

From here it looks like you should continue to take advantage of your mom's willingness to transport you to work (and back). If you can, get your credit card debt under control, and then put that money into a car fund. When it comes time to buy a car, you'll be able to pay more cash and have less of a loan payment.

Well, you're learning money management the hard way, but you'll be developing wisdom and ways to keep track of your spending.

A little more advice, and then I'm done: Use cash for incidental expenses such as meals at McDonald's, socks and underwear, and other stuff that isn't permanent. Save your card to use for larger purchases, things you may want to return, and unexpected emergencies. Keep your receipts for a while, until the bill comes and until you're sure you'll never need them.

Other answer:

Richard R:
Definitely get the debt out of your life it's an anchor
Cindy:
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Livinrawguy:
If you live at home pay more to your credit card right now you only paying a bit more than the minimum payment which is just the interest. Try throwing 200 dollars a month to the credit card get that paid off the longer you wait the worse your credit rating gets.
Judith:
I didn't have a car until I was 25 years old and even then it was a used one I paid cash for. Until then I made sure I always lived on a bus line or I lived close enough to work to walk it. For two years I walked to and from work – about 30 minutes or more each way.

Pay off your debt. Save money. Pay cash and buy used. You will need to earn enough to cover insurance, maintenance and gasoline.

Hugo90:
You cannot afford to own a car.
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