Turns out my SO might be pregnant and it wasn’t expected. (She’s on the pill and I used protection, but unfortunately my protection ripped.)
Currently we have a combined $40k in credit card debt spread out over 21 credit cards (we made bad decisions when we first got married but stopped the bleeding over a year ago)
Our monthly expenses break down to $1,364.00.
Credit Card mínimums are $1,375.00.
Savings gets $100/month
Currently we have $5,000 in savings and $2,500 in checking.
Our monthly take home after tax is $4,400.
I am wanting to see if my local CU can get us a consolidated loan for at least $30,000 so we can let our credit recover for a year or two while we continue to live with family (no rent). The goal would be to purchase a house since we might have a baby on the way.
The issue is if there is a baby on the way, I don’t think it would be realistic to tack on an additional $1,000-$1,500 every month to the debt since babies are expensive.
What options do I have? Should I file BK? The debt is separate from each other but we’re married and trying to work this out as a team. I’ve never missed a payment or had a delinquency. I would love to pay this back and heal my credit and purchase a home but I fee so overwhelmed with everything that is going on, meanwhile I feel like I have to keep a straight face on for my SO since she’s freaking out about the possible pregnancy.
Edit: Our budget:
Car Insurance (2 cars full coverage for 23 year olds): $143
Utilities: $77
Life Insurance for both of us (have to keep if she is pregnant) - $79
Phones: $70
Storage (can't fit everything at current place) - $50
Fuel - $300 (In TN everything is far for us unfortunately but it beats paying rent)
Misc - $200
Groceries - $200
Car Payment - $245 (other car is paid for and has equity of $8k. Can't carpool due to jobs)
$1,364.00+$1,375+$100=$2,839 (expenses with CC and savings) Leaves us $1,561.
Submitted January 11, 2019 at 09:31AM by SubZeroTitan http://bit.ly/2RLfj2s
