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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]^pp.  the op can't afford her home.  She has a 3400 mortgage payment on a 280k hhi plus three children!  The house is also requiring her to have two cars and prevents her from using FREE transportation to get to work. [/quote]

It is expensive to get in and out of houses.  Her mortgage in not unreasonable for her income if she can address her other debt.  She also hasn't offered any information on equity she might have in her home.  The tax benefit for home ownership is another consideration that would close the price gap between owning and renting.  And by the way, there is no such thing as FREE transportation!![/quote]

The problem is the OP doesn't have any other options.  She needs to come up with thousands each month to pay down debts.  its not like she can put her kids up for adoption.  The largest expenses for OP are housing, childcare and transportation.  Making cuts from discretionary spending may save 1k each month but that won't make a big enough dent in the massive amount of debt she has accrued.

200k of student loans aren't a joke.  Especially when the op should have moved onto saving for her own childrens' education. She hasn't even paid for hers yet and has no plan as to how to do so!

Apartment living could save op a lot.  There aren't any repairs and there's a limited amount of money you can spend doing things to a rental property.  It would allow her to rely on public transportation if she lives near a metro or bus.

For  example - OP is probably spending around 750 a month to commute to work.  I spend 0.   My work provides a metro card.  My 750 is being invested in the market.  This is why I'm ahead and she is not. [/quote]

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