Debt reduction.. Suggestions?
My husband and I have a lot of credit debt and are working on getting out of it. Any suggestions on how you did it or how to do it. It seems like everytime we turn around we have a new bill for something that was unavoidable. We don't spend on our credit cards anymore. It's been probably a year since we charged something so I believe we are doing good there. It's all old debt. Things that are unavoidable are two surgeries for my husband in a years time... Lawyer fees for a custody battle with my ex husband. We have about $15k in attorneys fees. That's coming to an end in the next month or so .. Which hopefully means no more charges from the attorney. We got a good rate on a credit card and that's where we have put it.
We have two children in childcare and that takes a lot of our money each month. There is no way to cut that down because childcare is necessary and we can't find it any less than we already have.
We still have money left over at the end of Paying all of our debts and obligations to eat out occasionally, a trip to the movies on occassion and we are able to buy groceries and gas etc but it's tight we can't trim from anywhere else. We've taken discounts where we can and we cut back on our favorites. It's still barely enough to breathe. I believe if we could knock out a few of the small things, the headache would go away but I can't find anymore room to cut without going stir crazy at home.
Any ideas? I looked up bankruptsy but it is not an option. We owe this debt and we need to pay it plus my husband has great credit and he worked hard for it. We do not own a home, we rent. I do not believe we could get a loan because of the debt ... But I haven't tried ... Just kind of know it isn't going to happen. Any suggestions?? Debt consolidation but we don't own anything so I don't believe we could do that. I've tried getting our interest rated lowered on our cards because Chase raised them so high after the whole credit card thing. Never late.. No blemishes at all but they won't budge. We are paying 29.9% on two cards... Ridiculous... It seems like we are going no where with the balances because we are only able to pay a little more than minimum.
Let me know if you have suggestions.