It took a long time for you and your husband to rack up this debt; it’ll take a few years to get everything back on track. You both need to sacrifice and start spending less than you earn. Get on a strict, WRITTEN budget and pay cash for everything. Here are a few specific suggestions:
1) Sell your house and rent a small apartment.
2) If you have a car payment, sell the car and buy a good used car with cash.
3) Save up $1000 ASAP for an emergency fund. It’s hard to get rid of debt when you keep digging a bigger hole every time you have a financial emergency.
4) List all your debts from smallest to largest. Pay the minimum on all debts except the smallest one. Throw all of your financial effort into paying off that one, small debt. When that debt is gone, cross it off the list and pay off the next smallest loan. Psychologically, you need some quick wins to stay motivated. You are more likely to work hard and stick with your plan if you see fast results.
Good luck!
It took a long time for you and your husband to rack up this debt; it’ll take a few years to get everything back on track. You both need to sacrifice and start spending less than you earn. Get on a strict, WRITTEN budget and pay cash for everything. Here are a few specific suggestions:
1) Sell your house and rent a small apartment.
2) If you have a car payment, sell the car and buy a good used car with cash.
3) Save up $1000 ASAP for an emergency fund. It’s hard to get rid of debt when you keep digging a bigger hole every time you have a financial emergency.
4) List all your debts from smallest to largest. Pay the minimum on all debts except the smallest one. Throw all of your financial effort into paying off that one, small debt. When that debt is gone, cross it off the list and pay off the next smallest loan. Psychologically, you need some quick wins to stay motivated. You are more likely to work hard and stick with your plan if you see fast results.
Good luck!
Body Fat Loss