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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Haven't read the whole thread, but 1) I can see why OP doesn't want to move, that's a big deal with kids and the mortgage itself isn't that crazy, 2) the cars would be a place to cut back - Kia forte or something, maybe I missed that post, but not sure why OP won't consider, if they could save a few hundred a month on cars, plus cut back discretionary spending, it might go to a good chunk of the loan payment

But really, OP, maybe you already addressed but can someone get a higher paying job? If you could throw extra money at the loan, get thru that and daycare you could come out in a few yrs in a much better position

I feel for OP, we make about the same - 2 Feds - and are in a much better position because we don't have loans, had more money to put down and a lower mortgage, etc (although we also have 2 kids although I would have liked 3 and finances were a consideration)[/quote]

Op has two vehicles 2012/2013 Hondas (minivan and SUV).  If they bought them new and got 5 year loans on both - one will be paid off in 2017, the other in 2018.  Is it worth it to sell those vehicles and trade down at this point or would it make more sense to just keep the vehicles that work for their family and work on maintaining them AND paying them off?

I say keep them, maintain them and pay them off.

The area that they can trim the most is activities, vacation, entertainment/eating out.  Make the next couple of years a time to bite the bullet and go into dig out mode.

[/quote]

I doubt they got 5 year car loans - I would guess 6 years.  This is a not a family that attempts to aggressively pay of debt and looks at amount of interest strategically.  They look at cash flow (or lack there of)[/quote]

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