Greetings from cyberspace! This morning I read on Facebook that one of my co-workers bought her very first brand new car. And she posted this - "Bring on the overtime!" Really?? Has our society come to this? Buying a new car, depending on overtime to help pay for it? That is insane. Albeit when I bought my car, I did something relatively stupid. I was upside down on my previous car loan and rolled that into my current loan. And on top of that I had a really sucky interest rate. So last year I was able to refinance the loan for a much (and I mean MUCH) lower rate and will be able to pay it off at the same time. But depending on overtime (which I am exempt from anyway) should never be a factor when buying a car. Ever. And if the car dealer counted it towards my co-worker's ability to pay back the loan, then he is as insane as she is. I pray that she will be able to afford the payment WITHOUT counting on the overtime pay.
Debt. Thy Name is Insanity.