The Details
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Mid-30s, married 10 years (lived together 5 years prior). Both extended families offer ZERO financial fall-back plans.
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Husband makes moderately good money ($34k gross annual) with prospects to rise swiftly in the company. I make $11k gross annual from SSDI. I am disabled and cannot work. We have $4k in savings.
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We rent ($860/mo- no utilities included save water). We have a car note at $8,913 (13.99% APR) and a personal loan (emergency) at $2106 (29.36% APR). Student loans are both on payment plans ($5700 @3.03% APR and $642 at 4.24% APR). All of these items are paid auto-draft, on time.
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We have consumer debt across 8 cards.
Medical-only card (pet care): $233 interest deferred till 12/17
Auto-care-only: $529 @ 29.99% APR
- Then in ascending order:
$298 @ 15.9%
$1046 @ 19.99%
$1981 @ 25.9%
$2459 @ 26.74%
$2898 @ 23.99%
$3771 @ 10.49%
- The italicised debt are debts we will be paying off entirely in the next week due to a windfall-ish situation.
The Question
We have paid off all of our medical debt (over $15k, most of it was in collections). We are paying off our highest APR debts- none of which have defaulted, ever.
We are in a position to make 2 major purchases: a used vehicle priced at less than $13k (which we'll be putting $5k down as a deposit) and our first house (which we have roughly $15-$17k as a downpayment/misc fees fund for).
In an effort to get in a position to bring in more money, I am going back to school to pursue a more useful degree. I've been out of the workforce for almost 7 years. I will be receiving grants and scholarships- loans per year should be maybe $8k total for the first 2 years.
Are we in a financial position to get out of our over-priced apartment in a rapidly declining neighborhood and into a home, get a reliable vehicle, and not completely fuck ourselves over?
I've done so much math and reading that my head is spinning and I'm at the point where I -think- it all works out but I would love someone more knowledgeable than I to look this over.
Please forgive me for formatting or if this is the wrong sub or too specific for this sub. I did look over the rules but I'm fried and may have missed things. Feel free to ask questions and I will do my best to answer.
Submitted July 31, 2017 at 01:17AM by Pixelsheen http://ift.tt/2uMszHV
