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Hi everyone thanks for reading. I'll try to keep this non-personal but I'm a bit shaken because my family's future just changed a lot. Here's a run down of the debt my wife is dealing with:

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Her debt:

~100k in student loans. Mostly federal so they cannot be bankrupted.

~20k in credit card debt.

~10k in car loan

My debt:

~4k in auto loan

~6k in student loan

Credit cards are used for rewards and are paid in full every period.

Our debt:

~170k house payment. It's worth about ~200k so there's some equity.

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A year ago my wife and I had a serious talk about finances. We created a mint account where all our information could be seen in one place. After seeing what we were up against she said she would take extra shifts to start paying down the debt. She took the extra shifts and I assumed everything was going alright.

Today she told me that she's accumulated more credit card debt and she's closer to 30k in the hole now.

Here's a link to the spreadsheet I created to try and wrap my head around everything. It's emotional around here so there's still some information I need:

https://imgur.com/a/3L5zKUI

My plan is as follows:

  • Avalanche method
    • I signed up for 3 credit cards. They all have zero balance transfer fees and 0% APR for 15 months. We might be able to swing 15k onto those cards. The plan is to only transfer what we can realistically throw at it in a year's time.
  • We're calling credit card companies to re-negotiate rates for cards that don't get transferred.
  • Possibly renegotiating her car payment, not sure.
  • Using unbury.us to keep our ideas realistic.

Expense Amount Due Balance Owed
Mortgage/Escrow 1810 170000
Groceries (150/week) 600-700 -
Auto Gas 60-80 -
My car payment 215 4000
Her car payment 240 10000
Her student loan A 250 57437
Her student loan B 165 21218
Her student loan C 150 34123
Her student loan D 358 Payments done AUG 2020
Auto/Home insurance 120
Garbage 75
Water 75
Verizon 165 (3 phones)
Natural Gas 80
Electric 80
Comcast 45
Martial Arts for son 110
Lunch money 40
Netflix 15
Hulu 10
Medication 30
My student loans 125
Trumpet rental for son 25
Daycare for daughter 1000
Guitar for son 100
Gymnastics for daughter 55
Hair cuts 50
Road Tolls 80
XBOX live 10
Amazon monthly cost 41
Total going out ~$6850.00

Her monthly income (Nurse) $3800 (after insurance)
My monthly income (Teacher) $2600
Incoming monthly child support for son $800
Total coming in ~$7200.00
My savings 5000
Her savings 100

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I'm sorry if this is too much information, I'm dealing with a lot of feelings right now and want to keep a level head so I can preserve my family's future. I know there are many expenses that we can let go of, but I wanted to give you the full picture since this is all so fresh to me. I'm looking for ideas to start making headway on the credit card debt.

We live in Illinois. If you need any other information please let me know. Thank you for your time, it means the world that you're taking time out of your day to read this.



Submitted July 13, 2019 at 10:44PM by FlushingMoney1985 https://ift.tt/2jODuho

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