My wife and I owe over $250,000.00 in loans, both physical therapists, however not making enough to pay the $1,950.00 a month.
We both have great credit scores because we keep robbing Peter to pay Paul…
Basically getting into more debt..
Add into that 2 kids and wife working less and less…
I think the choices and decisions have already been made for you if you can take a good look. Let’s review the facts.
You really only have a few choices here.
I doubt that a debt management program is a serious consideration since you are probably so deep in debt right now that even the minimum payments are out of your reach.
Reducing expenses is logical but means that you’ll have to make some lifestyle adjustments like spending less on fun stuff, maybe move or get a cheaper car. Those are emotionally difficult choices to make and implement.
Increasing income does not sound like a possibility in your current situation so you’ll have to think about job hunting and looking for a new position that pays more.
Russ, none of these things are easy but with the whole peter and paul felony thing the only thing that has happened is that you are down a deep hole that might require the most serious solution, bankruptcy. Please click here to get a free bankruptcy consultation and talk to a bankruptcy attorney. You might find that bankruptcy is not right for you but until you explore all your options you can’t make a good decision about what path is right for you.