Managing Credit Card Debt: Re: Re: Re: What is the best way to get rid of Credit Card Debt

» Kirk - Re: Re: Re: What is the best way to get rid of Credit Card Debt

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In response to Re: Re: What is the best way to get rid of Credit Card Debt posted by llldk2:

I hope your son is healty now and you find it a minor annoyance to pay off the debt compared to the joy he brings you.

I don't want to sound preachy, but having more children than you budgeted for is no different in lifestyle budgeting than having a fancy sports car that ends up in the shop once a month to be running well.

"Stuff" happens and part of life and financial planning is to prepare as best as possible for when it hits the fan, such as your case.

I betcha you would still take a son over that fancy sports car so perhaps look to finance his birth much like buying a new car?

Take out a home equity loan that you VOW to pay off in 5 years and use it to pay off the credit cards. It sounds like you are already a good budgeter so I'd not have a problem with that choice, now that you've supplied more details.

Also, your husband would not be the first or last to work two jobs or you could work nights when he stays home with the kids. People do it all the time, especially here in the Silicon Valley where it takes one income just to cover food and housing for many families. Working the 5 to 9PM shift at a fast food place might make up the debt quicker. My sister-in-law tends bar and assistant manages restaurants in the Monterey area two nights a week to help them lead the lifestyle they enjoy.

You could even do a coop with another mother who needs more income. My mother did that when I was born... she split her salary with the woman who took care of me until my next brother came along and my father got a better job.

-- posted by Kirk