I currently have about $60,000 credit card debt, and a mortgage of $275,000. I feel like I'm over my head, and difficult to make payments. I have a wife and 2 kids to support. I earn about $80,000 a yr. I have trouble sleeping. HELP!

Profman, I'm sorry to hear about your situation. However, I can point you in a good starting direction. Dave Ramsey has a show on the radio, and its also on XM and Sirius Satellite radio. He gives lots of advice on what to do about debt problems, and has a debt relief system that I would recommend you look into.

Please go to http://www.daveramsey.com/ for more information on his systems, and you can also call him during his show and get some info, or possibly a copy of one of his systems for free.

Basically he recommends "7 Baby Steps" for getting out of debt.
They are:
1. $1,000 to start an Emergency Fund
2. Pay off all debt using the Debt Snowball
3. Three to six months of expenses in savings
4. Invest 15% of household income into Roth IRAs and pre-tax retirement
5. College funding for children
6. Pay off home early
7. Build wealth and give! Invest in mutual funds and real estate.

This is just a short overview, please check out his website, and if you can manage, purchase one of his programs or give him a call! Just remember there is a way out of this, and he has helped hundreds of thousands of people get out of debt.

Comments

I can vouch for this method! It worked beautifully for me. I don't agree with Mr. Ramsey politically or religiously, but he gives fantastic financial advice.
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by Nom de guerre on January 3rd, 2007
Excellent advice and Dave Ramsey is "the man."
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by tomsims on June 7th, 2007
I'm a big Dave Ramsey fan, listen to him every day on the way home from work on XM 165. Dave would probably tell him to sell his home (too big a mortgage) and take a second job, and get his wife to figure out a way to earn some money.
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by postmuffin on June 17th, 2007
I too am a fan of Dave Ramsey. It has worked for 3 friends of mine. Try it. I hate to hear your not sleeping I've been there. I have gained alot of respect for the money I earn.
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by Stillme FBB on June 27th, 2007
Dave Ramsey is not the one-size-fit-all solution he claims to be. He has helped a lot of people, but credit cards are not tools of the devil.
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by SarahK on September 19th, 2007

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I currently have about $60,000 credit card debt, and a mortgage of $275,000. I feel like I'm over my head, and difficult to make payments. I have a wife and 2 kids to support. I earn about $80,000 a yr. I have trouble sleeping. HELP!

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I currently have about $60,000 credit card debt, and a mortgage of $275,000. I feel like I'm over my head, and difficult to make payments. I have a wife and 2 kids to support. I earn about $80,000 a yr. I have trouble sleeping. HELP!

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