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Reply to "Divorced Fed needs debt attack advice!"
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[quote=Anonymous]If your income has been cut in half because of divorce, then you need to do what the PP said and create a brand new budget using YNAB or Mint, or something similar. You have to adjust your spending to the income you now have, while also creating a plan to pay off the debt. I'd also suggest you sit down with a friend who is good with money and get their input on how to structure your budget. I think the TSP loan is a terrible idea, and I would not do a HELOC unless you can really trust yourself to stick to a budget that would allow you to pay it off -- otherwise you run the risk of losing your house. Running to another loan when you already have debt is not the answer. Learning to live within your means is. You have a new normal now, and so you need to adjust your spending to meet it, and that includes your housing costs, car, etc., not just the little expenses. Is getting a second job on the side, or doing some consulting work a possibility? [/quote]
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