I have been dreading making this post because then it's "real". I don't even know where it all started to go so wrong. Currently I am in ~43k in bad debt (CC's or personal loans). I am the sole earner currently as wife just had our baby. I am completely embarrassed that I've even let things get this bad. It's me, wife, baby, and her 2 kids visit 50% of the time.
Income:
37.83/hr - 40hrs/wk - paid bi-weekly ~78,686 annually
Checking balance: 2506.24
Monthly Obligations:
Mortgage 1817.32 (Bal 253,360.59@3.375 FHA loan amount 260k)
Auto 643.79 (Bal 34,120.87@0% 53 payments left)
Auto insurance 170.82
Wife Auto 349 lease ~10 months left
Wife's Insurance - 463/month
Auto gas - 160
Electric - 90
Natural gas - 130
Phone - 96.25
TV/Internet - 176.33
Water - 66
Student Loans - 276
Food - 400
Bad Debt
Sofi Personal Loan - 722.78 (Bal 26,979@14.24% 49 months on term)
CC1 - 215 (Bal 9238.98@15.49%)
CC2 - 239.47 (Bal 9003.89@20.49%)
CC3 - 231 (Bal @20.74%)
CC4 - 104 (Bal 3824.41@19.49%)
CC5 - 150 (Bal 5477.23@16.87%)
CC6 - 173 (Bal 6174.39@19.99%)
Monthly Total 6673.76$
When I put the numbers together I honestly am not sure how I've even survived up to this point. Everything is current as it stands today no missed payments ever and my credit score is in the mid 600's. Wife returning to work will add daycare to this list and she makes 14/hr as a medical assistant. Currently she's been using her tax return to pay her car and insurance which is nearly gone. Completely ashamed of myself for recklessly letting things slide to this point and any advice is much much appreciated.
Edit: Thanks everyone for taking their time to give ideas to a stranger. Lots of things to consider here. Just trying to take it all in.
Submitted May 25, 2018 at 02:07PM by pfdebtthrowaway2018 https://ift.tt/2INxv3U
