For the past few years I have been generating some credit card debt, around 12k from paying rents, utilities, etc.
Recently I have purchased a used Honda accord 2010 because I do need a car commute to work. With the support from my family I bought the car @ around 10k, which seems to be a great deal. Its a lx sedan with 34k miles, checked on kbb and it still worth around 10k.
I've been working hard for the past 8 months since graduating from college, 2 jobs but still struggling in paying off my credit card debt. Since the Honda is offering 0.9 APR right now. I just thought maybe I can sell my current car and use that money to pay off most of my debt, then lease or purchase a new or certified pre-owned car from Honda?
I understand I will be paying more eventually, because I'm getting a new car which worth maybe 30k, but obviously I will not be able to pay off all my debt in short term and the rate is significantly higher around 20%
Maybe I'm just being crazy and stupid from the pressure? Please share your thoughts! Thank you
Read more: Should I sell my used Honda 2010 accord and pay off my 12k credit card debt? Then lease or purchase a new car?
