How can we get out of more than $ 30,000 of credit card debt?
Hello. My husband and I are over our heads and I really would like some useful ideas. We have $ 30,000 in credit card debt, $ 15,000 in car loans and a mortgage $ 145,000 (worth $ 180,000). I work 3 jobs part time and my husband works full time at 1 and 1 part time. We bring in about $ 60,000 Year / And have two children. Working from home for a job and the other two are when my husband is home. That way not to pay daycare. My daughter has special needs and need to be enrolled in a preschool program to help its development, this is $ 250/month and can not be eliminated. What we actually make each month, by the skin of our teeth, but we have no savings and every time something goes wrong (it breaks the stove, the refrigerator starts to smoke, etc) that cause serious problems. We do not qualify for guaranteed loan mortgage b / c our debt ratio is too high. We do not want things that only rich people who want to be able to make fun like going to a movie together instead of not be able to b / c we have to pay the gas bill. Any advice?
House, car loans and special needs of her daughter are fixed and therefore it is necessary to put aside money each month to pay. Your credit card borrowing is too high and I imagine that you are only the minimum payment at a rate of interest. If you are doing this, then you will never be able to pay its debts. Can test whether your budget of income after paying their monthly mortgage loan automobile and payment of the essentials of daily living including property taxes, heating, gas, water, cable TV, telephone, bills cell phone, you still have some money to pay your credit card debt. To be able to do this, you need discipline, willpower and tighten belt. When you see something you want to buy, first the question, "Can I or my family without him? So if the answer is Yes, only walk and never look back. There is a difference between needs and wants. With the extra money, try to pay their credit card debt first. Use money cash for their needs and stop using credit card until it is fully paid. There is no other way to save as much as possible each month and put that extra money in your credit card debt. If possible try to negotiate with your credit card company to explore ways they can help resolve the loan load or less manageable for you and your husband each month based on combined income. What is the purpose of having to work so hard in his life just to pay their loans? That is not life. Think about it. I sincerely hope you can overcome this problem.