Layout:
Home > My Friend Has A Plan To Get Out of Debt

My Friend Has A Plan To Get Out of Debt

January 15th, 2018 at 07:54 pm

I had a fun chat with my best friend last week! She and her husband have been in debt for a long time. I know there is mortgage debt, student loans, credit cards and car leases. Exact details I do not have.

Her husband is quite interested in upgrading their home. She is as well. However, while the bank would no doubt loan them the money because they have excellent credit, she knows they are in over their head with payments. She knows they need to pay off some debt and get some cash in the bank.

I'm not sure her husband is entirely on board yet, but her goal for the next 18 months is to pay off 1/3 of their debt. I believe this is all on credit cards (the portion she is looking to pay off). She would also like to save $10K. I think these are excellent goals. They may not be what you or I would do exactly but they are a start in the right direction and thinking.

Their youngest son will be graduating high school at the end of that time and the possibility of moving to another town in their state is high. So really buying a bigger home now doesn't make sense anyway. She has a large extended family and does want a larger home than the 1900 sq ft they have now, but she probably needs to talk her husband down from the 3700 sq ft homes he is looking at.

I think I'm just excited that she finally seems to see that they can't keep going forward the way they have. She knows that buying furniture on credit isn't smart. Thus she also would want to save cash for furniture for any new home. Yes, that is the right way to do it!

Now I just really hope she can get her husband on board!

2 Responses to “My Friend Has A Plan To Get Out of Debt”

  1. LivingAlmostLarge Says:
    1516076452

    The 1900 sq ft might seem large as they empty nest. Maybe not do anything rash for a year after being alone again? That is something you could suggest since you are about to experience the same thing! Empty nest

  2. creditcardfree Says:
    1516105467

    The larger home is her hope for extended family visiting them. They are in a warmer climate than most of her family. So she wants her place to be a draw to visit. They are really cramped in 1900 sq ft when they visit. We definitely talked about it with me mentioning if they had less home to manage maybe they could travel to visit family more. And who knows where the kids will end up after college.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]