I am an attorney making 125,000 per year BEFORE. Over the past several years due to the lagging economy and my wife’s medical expenses we have accumulated $150,000 in credit card debt spread over 15 (yes 15 credit cards). balances range form @$3,000 to $21,000. We have no mortgage expenses because we live with my wife’s mother and will inherit the house when she passes. My wife also owns an acre of land in East Hampton NY which is undeveloped. Other than our credit card debt we don’t have all that many expenses. Food, 1 car payment, car insurance etc. we don’t eat out or travel anymore for obvious reasons.
Steve: We want to get rid of this debt. We have a six year old daughter and realize the we need to get out of this tight situation. Right now we are making a bit better than minimum payments on all that debt but we realize that we will never get out form under at that rate. What is the best way to approach this situation? If there is a way to consolidate the debt we could potentially afford to pay up to $4000 per month to pay down the debt. We are prepared to take the pain necessary to eliminate this debt and we want to do it as quickly and efficiently as we can. We just want to get out form under and are confused and scared about how best to do that. Any advice would be most welcome. Thank you.
Is the credit card debt joint or in just one of your names?
Does your mother-in-law have a mortgage on the property now? Is there any equity in it?