Ashamed to admit that I have made some really bad choices in my life. My wife and I are currently 90k in debt with an annual combined salary of 100k we are both 24, and own a house which we owe 220k on, not much equity yet as we have been here for about a year. We were able to buy this house when we had about 80k in debt.
I didn't account for this in our 90k debt.
51k @ 6.99% on a Car that is VITAL to my Job. I have considered trying to trade it in but the only way out of it is at a 35k lose because it has been hit and depreciated in value a lot the vehicle is only worth about 15k right now. it runs perfectly, but it's depreciation due to accidents and repairs. 30k on combined student loans @3.29% and 10k on a Line of Credit. @7.99%
Out budget looks roughly like this Monthly:
| Item | Amount |
|---|---|
| Salary | +5900 |
| Roommate | +600 |
| Bonuses | +500 |
| Internet | -80 ( 2 year contract) |
| Cellphone | -250 (6 months left on contract than we are switching to a 40$ a month play each) |
| Gym | -10 |
| PSN | -10 |
| Spotify | -15 |
| Auto Loan | -760 |
| Mortgage | -1067 |
| Insurance | -380 (This is life, house, auto) |
| Utilities | -290 (Electricity. Gas. Water . etc) |
| Student Loans | -430 |
| CC Minimum | -350 |
| Land Tax | -195 |
| Condo Fee | -75 |
| Gas | -300 |
| Food | -500 |
| Bank fees | -24 |
| Medication | -160 |
| Spending | -100 |
| Remaining | +2000 |
How do we even go about tackling this beast, is it worth it? Have we gone to far down the rabbit hole already? I am 100% committed to buckling down and getting this paid off and any advice is very welcome.
Submitted July 07, 2018 at 11:13PM by ThrowAway932341234 https://ift.tt/2lY0GHA
