Bills and payments

[JMarple]

Hello Marines

I just had one quick question. I just purchased a brand new truck and my payments are 600 a month and I maxed out my credit cards so I owe a total of 40 000 in debt and I've asked my recruiter if I will make it in the Marines finacially he says yes. I just wanted to know if you Marines think I will finacially make it??

Thank you.

[chulaivet1966]

Hello Marines

I just had one quick question. I just purchased a brand new truck and my payments are 600 a month and I maxed out my credit cards so I owe a total of 40 000 in debt and I've asked my recruiter if I will make it in the Marines finacially he says yes. I just wanted to know if you Marines think I will finacially make it??

Thank you.

Whoa....you're 22, 40K in debt with a new truck at 600/month.
I have no idea what pay structure exists today but I'm having trouble believing that private pay will keep you from drowning in perpetual debt.
I hope I'm wrong.

IMO...lose the truck as it's low priority given the fact that you're considering military service with low pay and still buried in credit card debt.
You can always get another vehicle when finances are more in order.
I would revisit my life's *priorities*.

That's my take....good luck....

[Apache]

Chu Lai Vet gave sage advise

Your financial picture is sinking.
Lose the truck-you don't NEED it -it will be parked somewhere for months before you can
Use it
Then you will transfer somewhere and may or may not have access to it

Second step
Talk to a professional who can help you manage this debt.

Everything you do confer with your parents(?) to ensure it makes sense to them

Good luck

[Quinbo]

You had to have demonstrated some sort of income and financial responsibilty to be approved for such a large loan. What are you earning monthly now?

[MOS4429]

Hello Marines

I just had one quick question. I just purchased a brand new truck and my payments are 600 a month and I maxed out my credit cards so I owe a total of 40 000 in debt and I've asked my recruiter if I will make it in the Marines finacially he says yes. I just wanted to know if you Marines think I will finacially make it??

Thank you.

James, are you serious?

600 bucks a month for a truck and 40 grand in debt on credit cards? Well...if you are serious, I won't go into the financial lecture, but...dude, debt is bad news.

If you are getting ready to go into the Marine Corps, why did you buy a new truck? I am all with chulaivet, get rid of the truck. Then I would say you need to see about consolidating your credit card debt into one loan and start making payments on it at the max amount you can. Then cut up all credit cards and toss 'em out. Then see a financial counselor.

Now, can you make it on a private pay? My research came up with 2012 E-1 pay of $1491. Uncle Sam will swipe the 491, so you'll make a thousand bucks a month, maybe a bit more. Take your 600 truck payment off that, and that leaves you with 400 a month. You did not say what your credit card bills add up to, but if there are multiple cards and 40,000, one can only imagine that you probably won't be able to make minimum interest payments only.

That's my take on it.

[Zulu 36]

Never mind the expenses you will have just to maintain yourself in the Corps (dry cleaning, haircuts, etc).

[chulaivet1966]

You had to have demonstrated some sort of income and financial responsibilty to be approved for such a large loan. What are you earning monthly now?

I'm thinking the CC debt is different than the truck purchase.
Maxed out cards is not a good reflection on fiscal responsibility.
That's how I read it.
If that is so then we have some unknowns that aren't adding up (pun:))
If the truck was 40K it better make to love to me daily at that price.
I'm dead serious!

He needs a plan and a reset of priorities to get square with the world rather than bring all this fiscal grief into the military life.
I hate to think anyone would try to join to escape their obligations.
NOT saying that is so in this case.

That's my take....and listen to the generous, candid advice by others here.

[Quinbo]

All I can say is I just bought a new used car and the process included a credit check, a statement of income, a listing of bills and 5 character references, plus I made a down payment. It wasn't an easy bip bam thing. I doubt I could have jumped through those same hoops when I was 20.

[chulaivet1966]

All I can say is I just bought a new used car and the process included a credit check, a statement of income, a listing of bills and 5 character references, plus I made a down payment. It wasn't an easy bip bam thing. I doubt I could have jumped through those same hoops when I was 20.

Holy sh!t....'5 character references'.
They are digging deeper.

Hell...when I was 20 I couldn't have afforded the hub caps on a new or used car.

Carry on....

[chulaivet1966]

Jone can only imagine that you probably won't be able to make minimum interest payments only.

Exactly...and that's just where the CC companies want you.
CC debt is an abyss that frequently one is unable to scale out of UNLESS one is doubling/tripling payments in a timely, responsible manner until paid off.

Whew...this is scary one.:) so I need a :beer: already.
Belly up....I'm buyin'

Carry on...

[JMarple]

Well I wish I can take the truck back but it's already too late, the 40 000 is including the truck loan...my job right now pays me 19.00 the hr. I just wanted to serve my country that's all not doing it for the money.

[Phantom Blooper]

http://usmilitary.about.com/od/joiningthemilitary/a/enlcredit.htm <br />
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Financial Eligibility Determinations <br />
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Some recruits will have to show that they will be able to meet their current...

[Apache]

Adjust-adapt-overcome-

Hook up with an advisor to help you plan an escape

[MOS4429]

Well I wish I can take the truck back but it's already too late, the 40 000 is including the truck loan...my job right now pays me 19.00 the hr. I just wanted to serve my country that's all not doing it for the money.

Well, you'll be going from $19/hr to about $9/hr give or take since in the Marine Corps you don't work 8-hr days. You are on duty 24/7 essentially, but you will have duty hours.

True you are not doing it for the money when you enlist.

Several have recommended you see a financial counselor or somebody who can help you with some debt consolidation. I would highly recommend it.

[JMarple]

Thank you so much Marines and everyone im gonna go ahead and seek a finacial counselor I think I might just stay with my current job and do reservist might be a better route for me. Again thank you all.

[JMarple]

Thank you