So I'm in a situation where it looks like I'll be doing some jail time. I have about 13k in CC debt (I know, I know) that I've been paying off. My wife doesn't make that much money, but absolutely loves her job. I want her to be able to continue to live while I'm away.
In the time until I'm locked up, we'll have time to either pay off the CC debt and have ~7k in savings, or leave it and have ~20k. I wish we could have more, but lawyers are expensive. I'll be in jail anywhere between 0 and 5 years, depending on what we get from the prosecution. Is it better for me to let the debt go to collections while I'm away, allowing my wife to have enough of a cushion that she can live without eating beans and rice every day? Or should we pay it off so when I'm out I'm not completely screwed?
EDIT: To clarify, this is my card only, my wife isn't even an authorized user.
EDIT2: My wife makes ~$1k/mo net. She has student loans, payments are about $350/mo. She would be living rent-free at my parents' house. Other than her student loans and my credit card, we have no debts. So yes, she could live off of her own income, but I'd like as much as possible for her to not feel like she is "in jail" too... obviously she will live frugally but she should be able to enjoy life!
Submitted October 29, 2018 at 03:07PM by Reasonable_Custard https://ift.tt/2O8gd3j
