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Sorry I keep double posting but the plan for right now is to kill off some of the smaller credit balances (we have 5 between the two of us)...2 store credit cards are small but the interest is high, so I will suggest paying those off first and not really using them at all unless absolutely needed. Then focus on the "regular" credit cards in small balance order.
Where I live, I'm stuck and going to have to put up at least a 90 minute commute either way. Most jobs around my area (Long Island) are retail unless you're a teacher or cop or doctor, then you make bank. But the closer I go to the city, the more expensive things are and property taxes (easily almost half my mortgage) doesn't get lower.
long island is a terrible place to live if you want to save money. My old manager calculated he would need a major raise to relocate his job and family to LI from NJ.
The cost of living is high and I'm sure your propertery taxes are atleast $10k.
Get rid of the house and rent for a while somewhere else. The LIRR and LIE will just put you in a premature grave.
A friend of mine never paid back student loans he took out for his kids, now they deduct a portion of his monthly Social Security benefit check. It never goes away.
Yes but so what? They cant garnish his.
She has no earnings.
So what if when she's 65 they garnish her SS? What does he care?
So in other words: She can only have 1 bank account with less than about $2k?
Besides her ruining her credit, doesn't this means she's essentially "dependent" on her husband in regards to her entire legal/financial life?
Suppose they do this for awhile and then get divorced... she'll have nothing to her name and then owe the debt... what a crappy place to fall into...
Yes that's correct. But we are giving him advice how he can deal with her bad finances - not giving her advice as to what she should do. If he insists on staying with her yet cannot pay off the loans - this is something he can do. None of it is illegal.
Of course she can amass savings under her mattress which cannot be frozen - but from the sounds of thing she can only amass debt not savings.
Yes but so what? They cant garnish his. She has no earnings.
She has no earnings RIGHT NOW. Many women have no earnings after the birth of a child.
Quote:
Originally Posted by bg7
So what if when she's 65 they garnish her SS? What does he care?
What does he care? He's married to her, they would possibly be retired by that age, and her social security--or more likely her TRC if she stays in the field of education in NY-- check would be reduced. Who wouldn't care, while living on a fixed income?
Not to mention that defaulting on your school loans (which is not what the OP ever suggested, but YOU did) is unethical.
I've skipped ahead which I don't usually do so apologies if some of this is a repeat.
But I do not believe that you can't get a job closer than a 100 minute commute. Millions of people live on LI, even just counting Nassau and Suffolk. There are many, many businesses where you can be looking for a job that will be closer to home and hopefully pay more (and the only way for a generous salary bump for most people is to change jobs, you'll never get that far ahead at your current job when everything is based on your current low-ish salary).
And your wife needs to get over herself. She's got in laws who will provide child care - most parents would be so grateful for that instead of turning it down. And she's got 10s of thousands in debt that she needs to get paid off. You shouldn't be volunteering to take on a second job before she can be bothered to get a first one to pay off her own debt. So what she wanted to be a SAHM. Life doesn't always give us what we wanted.
If you work together as a team, you can get this debt behind and then get your ducks in a row for a better future. But that will never happen without some very significant changes.
She has no earnings RIGHT NOW. Many women have no earnings after the birth of a child.
What does he care? He's married to her, they would possibly be retired by that age, and her social security--or more likely her TRC if she stays in the field of education in NY-- check would be reduced. Who wouldn't care, while living on a fixed income?
Not to mention that defaulting on your school loans (which is not what the OP ever suggested, but YOU did) is unethical.
Exactly, unethical, not illegal.
He's concerned about her loans - he can effect a situation where her loans do not affect his finances - and I outlined how. You can spit at the mouth in righteous indignation - but its all there in black and white. The laws are clear - if he adheres to them his finances will not be affected.
My sister-in-law and her fiance combined a total of of $270,000 in debt. They are recent grads from pharmacy school. My point is: Your problem is temporary and totally solvable. Good luck.
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