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

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[quote=Anonymous][quote=Anonymous]OP, the only long-term fix that will make a big dent is the mortgage. It's too high for your family. You need to be spending no more than $2000/month on the mortgage. There are two ways to get there - sacrifice space or location. Get a smaller place close-in to save commute or go out and deal with the commute. I know people in Manassas who take the train in and out daily.

I don't understand why your DH is so closed off to moving. It may not be ideal, but it's the most obvious solution. What is his plan for paying off the debt? [/quote]

THIS. lower HHI than you (225HHI) I live in Takoma Park, just bought a small home with 3 bdrs (unperfect setting, one bedroom is at lower level with not a lot of light, one bedroom is very small). we have a 2000$mortgage, 2500 PITI and with that we can:
-  walk to the metro (but again not perfect, a good 10 min walk), 
- have what we consider a very good public school (but not perfect), 
- do the drop off and pick up of our 2 kids in daycare walking (daycare is close to metro but as you can imagine it is not easy either, in winter time pushing a double stroller up and down the hills for 10-15 min)
- we only have one car we use once a week for costco+whole foods (yes I admit we have ridiculous organic groceries budget, that's the bad expense we should work on)

I agree with other posters OP, with this level of debt there is no magic trick, at least one of your very big monthly exchange needs to go. And in your situation the House + 2 new cars combo is the "easy" one. A nanny for 3 would also save you money compared to 3X daycare and simplify your commute and dog walking expenses but it is a more temporary fix.  I don't want to pile on but you can find a better house solution than you have, if you are ok letting go of what you think. My house is cramped, that's true, and it is fine, we are happy, def more happy then with the stress of debts. You need to rewire. good luck OP, you can do this![/quote]

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