Single Mom Does Not Have Enough Left For Groceries. – Laura

“Dear Steve,

I am a single parent who put my children through college, and now am $140,000 in debt with credit cards and student loans. I don’t have enough money left for groceries after paying bills. My home needs to be refinanced this year because my ARM is up.

Will I be able to refinance with all of this debt or should I enter a debt consolidation program before trying to refinance?


Dear Laura,

You are in a bind either way here. If you don’t try to address your debt situation then your credit is going to be shot because the amount you owe when compared to the amount of you are making is out of whack. This is your debt to income ratio.

Before you do anything I would urge you to speak to a local mortgage broker and ask them what is the best way for you to get ready for a refinance based on your current situation based on the mortgage loan products that are available today.

I wish I knew how much of your debt was student loans and how much was credit card debt. Without that information I can’t advise you further at this time. Come back and give me some more details so I can help further.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Steve Rhode
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