About Chris G. Expertise I am a financial counselor that can answer consumers' personal finance questions in following areas: - Beating & Reducing Debt - Budgeting - Building Savings - Careers & Extra Jobs - Dealing with Collectors - Identity Theft - Money & Marriage - Personal Insurance.
Experience The past four years in the banking field have given me a heart for helping families with their finances to better their financial future.
Question Hi,
I hope you can give me practical solutions to my debt problem. I am married and in my 30's, renting and have no kids. My husband and I have accumulated an enormous amout of debt $50,000(car loan, credit cards, personal loans). We are still getting by but it's been really tough. We are making minimum payments on all credit cards, we've never missed a payment though. We take home about $5,400/month, rent is $1350 and utilities (cable, cell, home phone, electric)about $275. We only have enough for groceries and gas and sometimes we even have to charge food on a credit card until payday comes. We are trying our best to save and spend less but I feel like its futile. It's always a struggle when an unexpected expenses come up--I always end up putting on my credit card. We don't live a luxuries life--we seldom eat out, buy clothes or go on vacation. I just don't know what to do anymore. I am very willing to try out anything you might suggest to help us get out of debt fast. I just can't live like this anymore--it's so depressing. Another thing too is that my husband needs to got to school full time this october for a better career and higher paying job. He could still probably work but we will definitely hurt for money--we will need $600 a month to survive for the next 2 years. He will probably take out a loan for his schooling--about $9000 for the whole program.
Please tell me what to do. I appreciate any input.
Answer Dear Anastasia,
Thanks for the email. I have a few more questions that I need to ask in order to clarify the current situation. If you will answer these for me, I will do my best to give you a way to attack this problem.
1) Can you list the debts that you pay each month?? Ex: car payment, student loan payments, minimum credit card payments, etc.
2) Approximately how much are you and your husband spending on food, clothing, and transportation? (not including car payment which you listed above)
3) Is there any expenses that you can either reduce or eliminate for a short period of time as you work through the debt?
Thanks for the input. I look forward to being able to give you a clear answer.
