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I have been reading through some of the suggestions from forums members. I agree that any non-essential spending needs to be cut. Additionally, the wife needs to pick up a part time job at night or on the weekends. Ideally, it be nice to have the wife pick up substitute teaching jobs. I believe teachers in NY can get up to $175 for a full days work. Unfortunately, any $ that is earned would be going toward child care cost.
The first part is probably true. However, I don't see how paying off one major debt and taking on another really fixes anything. That's just speeding up the hamster wheel.
They may never get to that point, which may be the point.
Well, if his wife is like my husband's ex, with real issues, they do walk on eggshells to keep peace and protect the children. Common sense and reasoning won't work with someone who may be narcissistic or borderline personality.
I seriously doubt that the OP's wife has either Narcissistic Personality Disorder or Borderline Personality Disorder.
I agree with some of the others. Your wife needs to get a job and that money should go to the loans. She should help pay off the debt. When she signed up for all that debt she basically gave up the chance to be a stay at home mom. It's not fair to you. If you're already burnt out she needs to help. Two people working hard is far better than just one. If she can get a job making 45k the two of you could knock the debt out in less than a year. Have the mom watch the kids. Since it's partly her fault. Also the tax deduction for student loans can only be claimed by the person with the loans so you would have file your taxes together to get the deduction. Your wife filing separate and getting the deduction with no income may cause you some problems. also the deduction is only for 2500 per year. You also only save what you paid in taxes on that 2500. Even if you pay more than 2500 in interest you still can only calm up to 2500 for the deduction. There is also a income limit for the deduction, which I believe is very close to 70k just an fyi.
Everything has its season. I think you are overacting. Worse things could happen. The first thing you should do is make a budget and stick to it. I would just pay the minimum on the loan until the kids are school aged. Do not do a forbearance. I did it and it cost me $6000 more. I had no choice. Things like food and rent were more important.
It took me 15 years to pay off my loans. So what! I paid it off when I had the income. Food and shelter are more important. Once the kids are in school, your wife should get a job and pay her own debt. You take care of the household. The debt will be paid much faster this way. Do not touch your 401K unless you are destitute. I would not get a second job but you work towards career advancement. Don't drink water for lunch. Leftovers is much better.
I think it is great your wife is able to stay home and care for the kids. You have peace of mind. I am not a fan of debt. I hate it but sometimes other things are more important. Good luck!
yes. In 2013 she was his gf and he has been advised to not marry her and not make her a kid until the debt is gone.
Guess what he did ...
So what is the point of this thread???
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