Reply to Earning Well but Drowning in Debt...how to dig out?

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[quote=Anonymous]What a bunch of self-righteous nasties on this board. Seriously.  OP, you can do this without having to sell your home and move into an apartment with three kids and two dogs. Cmon people, that's ridiculous. OP said her house was already too small, but close in. It is most likely a small rowhouse in Alexandria or Arlington or Falls Church, where there are good schools (she said she didn't want to move into DC where the public schools were bad). I don't blame her.

Agree to cut back on the activities. They all do add up. $200 here, $200 there, $300 there, and you're up to $700 a session. Keep one music class, and see what you can get for your son at school for a reduced price. Are there scholarships available? if he truly is gifted, perhaps you could apply for a scholarship to music camp.

Also, cut up the credit cards. Keep one. and pay down the rest first.  If you have $50k in savings, take $25k out and pay off half the credit card debt. or even $35k. That will leave you with a $15k emergency fund. and $15k of CC debt, that is easier to pay off wth the money toward activities.

It sounds like you are unwilling to part with the cars.  While that is something to consider, I get it. Two working parents with two drop offs and pickups is hard enough without two large cars.  I like the idea of a sedan, but then what to to do with the dogs? I guess you could use the one larger car for family trips with the dogs and keep the smaller sedan just for commuting and car seats. That would save some money.

Camps are expensive. Your kids do not need Smithsonian camp. Can you get help from family for part of the summer? Can you maybe do one week of a fancy camp and then do a babysitter/nanny share or have kids visit grandparents for part of the summer? That would help save at least $2k toward credit debt.

Your husband MUST be on board. Research David Ramsey and others recommended on this board, and get it done. Or tell him he needs a better paying job.  Can one of you leave the fed and get out into the private sector.  The fed has you maxed out at $160k if youre lucky.  Private sector can pay so much more, especially  if you are attorneys.[/quote]

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