Has anyone have a line of credit personal loan??

I got one nearly 2 years ago for my car, I got the car for $10500, over about 6 months I would pay my monthy payment and by the end of the month I pulled out the payment plus more we now owe $16000. I maxed out the loan.
The last year I have been doing the same money goes in by the end of the month money is out.

1. I don't really understand how the account is ment to work, It's not working for me.

2. Do you think we should try and get a loan that we can not draw from?

I am really scared that if we change I wont have the money to fall back on. Then on the other hand things will keep going and we will never get this loan down.

Most of the rest of us would call that a 'credit card'. It's an unsecured personal line of credit that you happened to use to buy a car (I've done that.). How much is the interest rate? Do you have any other debts? Do you have any savings? Can you handle paying the loan so it doesn't go delequent?

__________________
"I've been rich and I've been poor but independently wealthy is where it is at."

Don't consider what you have as a loan, because it's a line of credit. Like a credit card, but you don't have a credit card to charge at McDonald's, Target, etc, you just pull money out in larger sums.

Sounds like you are not living within your current means and are opperating in the red on a consistant basis. You need to live within your means, really you need to live below, but you're going to have to stop the hemoraging.

Do you have a budget? Are you following it? If you are then you need to lower your expenses somehow, perhaps sell the car and get out of that debt.

My .02, goodluck