Desperate for advice
Find a Conversation
| Thu, 08-04-2005 - 11:48am |
My husband and I are in a huge bind and I don't know how to pull ourselves out.
Because of some stupid mistakes, we got in over our heads with credit card debt. We recently enrolled in a debt management program. I feel like this was the best thing for us but now I feel like we can't afford the monthly payment.
We live less than paycheck to paycheck. We fall almost $400 short each month. We just recently bought a house and more recently found out we are expecting our first baby.
I have no idea what to do! We both make decent livings but just can't seem to make ends meet. We have cut out all necessary expenses and are still short.
Should we sell our house? Move into a less expensive apartment? Any, and I mean ANY advice anyone could give me would be sooooooo appreciated.
Thank you.

We make too much money to qualify for wic.....currently live in PA. Because we'd have to completely uproot our family, moving out of state is really not an option. We both have good jobs here - just too much outstanding debt! I've been at my job for 7 years and my husband has 2 jobs. His full time job does profit sharing....we are really just trying to make it until the bonus check comes in. BUT...that bonus check will have to be set aside for my maternity leave because I work for a mom n' pop company and won't get any paid time off. Everytime I start to see that light at the end of the tunnel, something causes a shadow. Just really frustrated.
Welcome here-it's a scary place you're in, by the sounds of it.
Is there anyway that either/both of you can pick up part-time jobs? If your outgo is more than your income, and you've cut everything you can possibly think of, this may be your best bet. It's not for a long time, just for now to get you caught up and a little ahead.
Do you have a budget written out that tells every dollar where to go? That's a pretty effective tool, although it's not much fun to do, lol.
Although you don't really want to, you may have to sell your house and move to an apartment for now. No, it's not fun, but there are worse things in life! You'll be able to get a house later, when you're steadier on your feet. Being pregnant and having to worry about how to make ends meet is less than no fun. I know, because I've been there, done that!
A couple of books that you can see if your local library has that may help you are "The Complete Cheapskate," by Mary Hunt; "Financial Peace Revisited," by Dave Ramsey; and "How to Get Out of Debt, Stay Out of Debt, and Live Prosperously," by Jerrold Mundis. I can guarantee that you will find some good, sound advice both on this board and in those books.
Hang in there-I know it seems like the situation will never get better, but it will.
Lisa