Massive Credit Card Debt, Three Kids in College, and Getting Nowhere. – Mike

My wife and I are both employed and make decent money $125,000 a year. We have three in college. We never get any financial aid because the formula does not take into account the massive credit card debt that we have $45,000, we also have our own student loans from making career changes. After we make a little more than the minimum payments there is nothing to send to the colleges so we are borrowing everything to send them to college. My children are borrowing as well. We have moved to a smaller house, we had to borrow from our pensions to get out from under the previous mortgage. So now we have a new mortgage plus the pension plan has to be paid back over three years.

I work, not kidding here, two full time jobs to get everything paid throughout the year and we go nowhere, usually a little more in debt.

Would it be better to pay college bills currently? This would certainly result in us getting behind in the credit card bills and destroy our credit. But would that help us settle with them for less?

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