I'm a single mom of two girls (20 & 16).
Hi there & welcome! Congrats on paying off those other credit cards and coming here too!
How did you go about paying off the two credit cards? Did you sell something to pay them off? Or just find money in your budget? Speaking of, do you have a working budget? An emergency fund? Both are so very important to this journey and staying on it.
The auto loan, what is your interest rate? Did you know that you can refinance auto loans too?
I wouldn't recommend refinancing your home to pay the divorce agreement. Just my opinion.
regarding the loss of child support in a couple years.....maybe make up a budget based on income without the CS? A great goal would be to have at least the CC paid off, no new debt, and maybe that car loan gone too by that time?
If you feel comfortable, you can post your income & expenses here. Sometimes it helps to have new eyes take a look and offer suggestions.
Come back often, there is lots of support and no judgement. Good luck!
I paid off the credit cards by doing the "snowball"
Oh, I didn't realize the 36K was a bulk payment by a certain date. I don't know, I wish I had an idea. Maybe someone else on here that has been through a similar experience can offer their point of views. maybe refi'ing the house is the way to go.....if you did that, can you afford the higher payments? And keep in mind that if you have less than 20% equity, you will also have to pay PMI. maybe discuss your options with a lawyer?
Congrats on having an emergency fund. That is excellent! and a budget! We talk about sinking funds on this board too, and it sounds like they would be helpful to you......with the doc and vet bills, etc etc. Sinking funds are separate savings accts that you add to for irregular but expected items. So, for example, you could put $20 a week into the medical category, and when you need it for a doctor bill, you already have the money saved. does that make sense?
So, you said
Hi Dunc, welcome to this very supportive board.
I was a divorced mother of two, 4 years ago to a 10 year old and 7 year old. I am now remarried and doing much better.
Hi & welcome to the board.
"Patience is the best remedy for every trouble"- Plautus
thanks for the tip on PenFed!! I refied my used car for 1.99% today WAHOOOOO