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by RankingMember
2418 days ago
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Reading some of these stories makes you want to smack your forehead on your desk. A lack of basic financial literacy + materialism sometimes have some pretty brutal results. One example: > Nicole-Malia Tennent and Shyanne Fernandez, both in their early 20s, wanted to trade in the car they shared for something less expensive last year. The friends, who live in Hawaii, ended up splurging on a new vehicle and moving the unpaid loan balance of $12,500 from an older GMC into a new loan for a 2018 GMC Sierra truck. > The rollover debt helped drive up the new loan balance to more than $66,000. The friends now split the payment of more than $900 a month, which they owe to Pearl Hawaii Federal Credit Union for 84 months. Their old loan was about $500 a month. How do you go looking for a vehicle that's less expensive and end up with a vehicle that's nearly 2x the cost? |
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