Salary: $3,500 month
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.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.