My husband and I are in serious trouble with our finances

Hi kelbi

Welcome to the debt consolidation care forum. I will try to offer you some valuable advice that might benefit you.

Quote:

Hi Kelbi
Welcome to forums
The problem you are facing may be solved in a few steps:

Quote:

[quote=kelbi]My husband and I are in serious trouble with our finances. My husband was laid of several months ago, and has had to settle for part time work, and watch our son, while I work full time. This has become a huge problem, as now our monthly bills are more than what we make a month! We just got married a few weeks ago, and I know I don't have good credit, but my husband has decent credit. I'm not sure if we'd be able to get a loan due to my credit history... also, I don't know if these type of loans cover hospital bills, as I have a few thousand dollars left in hospital bills from a few years ago that I can't pay right now, and I have this collection agency harrassing me at work, threatening to sue me, or talk to my HR department about garnishing my wages! I don't know what to do!!!![/quote]

Yes, you are in a precarious situation that more and more Americans are finding themselves in everyday. But there is hope. First, it would be a good idea to increase your joint income to the maximum level possible. So maybe you should suggest that your husband take 2 part time jobs/shifts. See if a family member could watch the kids while you are at work. The more money you throw at the deb, the quicker it would go away. And when you eliminate this debt then both you and your husband would be able to spend more time with your kids. So eliminating the debt asap should be the top priority.

You should look into a loan consolidation. You and your spouse would be good candidates because you are facing a mound of debt with insufficient income to meet the monthly payments required for all of these debts. Hopefully you could find a loan with a low interest rate and then you could use that money to pay down your debt. But use a bit of precaution when deciding on the loan amount. You don't want to take about a consolidation loan so large that you are sacrificing all of your collateral. because if you default, the cost would be immeasurable.

During this time, you should also look into downsizing things. You should look into downsizing your home, and downsizing cars etc. what good are these material things if you cant enjoy them with your family. first you should try to get back to a debt free life. then you would be able to rebuild your life from them into something that would be more financially manageable for your new family.

loans are easy to get but very hard to get out of i mean you should really think about the loans that you are getting yourselves into and if in the long wrong to have the money to pay back

Hi kelbi. One other suggestion. I, too, have hospital bills that have accumulated over a period of time, even though I have full medical coverage. Because the insurance company or the hospital didn't act in a timely manner, some of these bills have fallen on my shoulders. I was given two suggestions.

1. Speak with a patient accounts representative at the hospital. They may be able to set up a payment plan with you to avoid any further action.

2. Send the collection agency a check for whatever you can afford ($5, $10, etc.) along with a note explaining that this is what you can afford and will be paying monthly until the bill is paid off.

I have done the latter, and it has worked. It took some time to pay the debt off, but I wasn't harassed because we were making consistent efforts to pay off the bill. I hope this helps.