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bonus color of money chat q: hubby is about to lose his job. her income is enough to cover expenses but not pay down debt. dip into savings?

Posted by poxie (aka chris) Oct 27 '11, 11:20

1 INCOME HOUSEHOLD AND DEBT

Hi Michelle I love your chats and am wondering what I should be doing. My husband is going to be losing his job at the end of November and up to this point we've been horrible at saving money. We have a lot of debt (about 158) and a heafty mortgage payment. My salary is steady and I can cover the mortgage payment (just over 3k) as well as all utilities myself. I can also make the minimum payments on the consumer debt but no more. We have about 7 months of savings (bills and mortgage). Should I take what we have in savings to lower (almost pay off) our credit card debt? I ended up getting a second job to help with the extra's (bills) but it's only bringing in maybe 300/month which I know is better than nothing. We also should be getting a fairly large refund on taxes (I file married withhold at single w/ additional $50 from each check plus the interest on the home loan). With this suitation what do you suggest? Take money from savings now to pay down the consumer debt or just keep working and only make the minimum payment on the debt?

Responses:

is that all consumer debt? if so, holy crap. -- nm - loosilu Oct 27, 11:38 2
- I am presuming that's supposed to be a K instead of an 8 after 15. -- nm - David Oct 27, 11:45 1
  - If 7 months of savings can "almost pay off" their cc debt, then I think you're right. -- nm - The Devil and Daniel Vermin Oct 27, 11:47
[deleted]
That sounds like about the stupidest plan possible. -- nm - Ender Oct 27, 11:23
How about spending some $ on a little job training for hubby? -- nm - The Devil and Daniel Vermin Oct 27, 11:22
So she's got 2 jobs and he's got none? Dude's brilliant. She obviously needs to pick up a 3rd job to help with the bills more. -- nm - decline Oct 27, 11:22 1
- this -- nm - Evil Beaker Oct 27, 11:23
3K+ mortgage payment? sell your damn house and buy a smaller one. -- nm - Andie Oct 27, 11:22 6
- good luck with that. They'd probably end up worse than they are now. - sycor killer 4,199,183,902nd Oct 27, 11:24 2
  - I would normally agree with Andie, but this is very likely the situation. -- nm - loosilu Oct 27, 11:37
  - Right. -- nm - David Oct 27, 11:26
- if they can...I would wager they're underwater on their mortgage. -- nm - 4,198,574,430 Oct 27, 11:24
- But that would make sense! -- nm - lileve Oct 27, 11:23
- why do you hate America? -- nm - TFox Oct 27, 11:22

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bonus color of money chat q: hubby is about to lose his job. her income is enough to cover expenses but not pay down debt. dip into savings?

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