Hello, I'm new here and hope to get some advice. I feel guilty almost asking for advice b/c my situation isn't as bad as some on this board but we need help b/c the stress is affecting us and our son.
Here's a summary of our situation:
My husband works in sales and is paid commission with the economy things have slowed and he's losing business. I currently stay home with our son 1) It was important to us and 2) even though we are in hard times now it seems that I would be working just to pay the daycare bill.
We have about $77,000 in credit card debt and owe IRS for cashing in part of our 401k and owe payment for 401K loan. Long story short, a couple years we wanted to build so we found some land and used some of the 401k to buy the land but by time we got ready to build and sell our home the market crapped out so in the end we sold house and land and made pretty much nothing. We bought less expensive home but started having trouble making payments on cc. I talked to credit counselors but the payments thru them would have been more than what we were paying so I called the cc companies myself and got payments and interest lowered. We are now having trouble making those payments and having money for gas, food, clothing and basics like that. My husband travels for work and uses a lot of gas. I'm looking for an at home job b/c it doesn't look like we'll be able to afford preschool for our son come September.
We can't refinance b/c of the market and only owning house since last summer. It is causing a lot of stress and we snap at each other and argue sometimes over stupid things b/c of the tension.
Don't want to think about bankruptcy b/c we did "borrow" the money and don't know if we would even qualify but wish there was a way to lower monthly payments more b/c they are still a lot to handle.
we have two cars but only one payment. can't really sell one b/c my husband has a lot of miles and don't know how much longer it will last and he needs one since he travels the state everyday so at least he would have mine.
In the end we realize that we've made some mistakes with our money as far as credit cards. in the several years we've been together we got married, had a child, did home improvements to previous house, spent money on work for land to build, sold both, bought another house, did some small improvements on that, have two dogs with allergies that cost a lot to get under control.
We understand that we have to accept blame for our bad habits and lack of budgeting and want to "start over" in since and learn from our mistakes but it's hard when you don't have money to get some basics let alone pay any extra to the debt or use the snowball method.
Any tips or advice would be greatly appreciated. I'm sure we deserve some criticism but try to make it constructive at least. :0)
Thanks!
Here's a summary of our situation:
My husband works in sales and is paid commission with the economy things have slowed and he's losing business. I currently stay home with our son 1) It was important to us and 2) even though we are in hard times now it seems that I would be working just to pay the daycare bill.
We have about $77,000 in credit card debt and owe IRS for cashing in part of our 401k and owe payment for 401K loan. Long story short, a couple years we wanted to build so we found some land and used some of the 401k to buy the land but by time we got ready to build and sell our home the market crapped out so in the end we sold house and land and made pretty much nothing. We bought less expensive home but started having trouble making payments on cc. I talked to credit counselors but the payments thru them would have been more than what we were paying so I called the cc companies myself and got payments and interest lowered. We are now having trouble making those payments and having money for gas, food, clothing and basics like that. My husband travels for work and uses a lot of gas. I'm looking for an at home job b/c it doesn't look like we'll be able to afford preschool for our son come September.
We can't refinance b/c of the market and only owning house since last summer. It is causing a lot of stress and we snap at each other and argue sometimes over stupid things b/c of the tension.
Don't want to think about bankruptcy b/c we did "borrow" the money and don't know if we would even qualify but wish there was a way to lower monthly payments more b/c they are still a lot to handle.
we have two cars but only one payment. can't really sell one b/c my husband has a lot of miles and don't know how much longer it will last and he needs one since he travels the state everyday so at least he would have mine.
In the end we realize that we've made some mistakes with our money as far as credit cards. in the several years we've been together we got married, had a child, did home improvements to previous house, spent money on work for land to build, sold both, bought another house, did some small improvements on that, have two dogs with allergies that cost a lot to get under control.
We understand that we have to accept blame for our bad habits and lack of budgeting and want to "start over" in since and learn from our mistakes but it's hard when you don't have money to get some basics let alone pay any extra to the debt or use the snowball method.
Any tips or advice would be greatly appreciated. I'm sure we deserve some criticism but try to make it constructive at least. :0)
Thanks!