Episode 15: Candace

Meet Candace

Age: 30

Salary: $3,500 month

Employment: N/A

Savings and Investments: 

  • Savings – $1,000


  • Credit cards: $10,000
  • Student loans $20,000
  • Debt from parents $15,000

Candace’s main concerns, in her own words:

I’m a married, mama of a 1 year old little girl.
My husband and I both do ok, our income just covers our expenses. But we both have debt and are working to save to purchase a home.(currently need to move, space issues) We do have a savings account for our daughter and a very small emergency fund of about $1000.
We bring in about $3500 a month between both of our incomes.
We are renters have been for the past 8 years. Our rent payment is $889/month. Other expenses (including credit card payments) total about $2400/month between 2 two of us.
I have about $10,000 in credit card debt and $20,000 in student loan debt, I’m a current student, so I am in deferment right now. My husband has debt due to his parents using is credit and messing it up. about $15,000 or so. My question is, should we file for bankruptcy?
Our debt just seems so large when stacked against our income, I don’t know that we’ll ever get out.

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