Terrified; there's no way we can pay
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|Tue, 02-17-2009 - 9:59pm|
Hi all -
I am so happy to have found this board. I've been googling and googling and can't find any real help.
My husband and I are in big trouble. He works and I stay at home with our 2 boys (aged 1 and 3; 3rd baby may be on the way, not sure yet). DH's salary is structured so that the annual bonus is about 30% of our pay. In previous years, we have always set money aside from this bonus to pay our MONUMENTAL credit card minimums. We owe about $125,000 in credit card debt - no lie.
Well, guess what. This year DH got no bonus. Nothing at all. His employer says this is due to the bad economy. And there is NO WAY, no way AT ALL, that we can pay any of our monthly payments. We had always used his bonus money for this.
I have no idea what to do. We do own a home, but our mortgage is not significantly more expensive than a rental would be. We have a car, which we make our monthly payments on. But we really have no assets whatsoever. If I got a job outside the home, we'd pay so much for child care that it would not make much sense. DH works LONG LONG hours and he really can't take a second job.
I am terrified. DH is looking for a new job, but the chances of that in this economy are just about nil. What can we do?