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We haven't payed the credit card bills or loans for about 3-4 months, because it just seems unaffordable with our low income.
I have a question about saving and paying off debt. Right now, my husband and I have no bills except credit cards and loans, totaling about $5K. We don't pay rent, car payment, utilities, etc. The only thing is the CC and loans. But here is the catch, I don't work, I'm pregnant with our second child, and my husband doesn't make enough to cover the bills. How Can I Save Money? How can we manage paying our bills and trying to save money with such a low income? We haven't payed the CC or loans for about 3-4 months, because it just seems unaffordable with his salary. Please give us some advice.
With your husband’s relatively low income and the fact that you are currently unable to work, I can understand that saving money must be quite difficult at this time. I do not know the details of your family’s expenses, so I cannot tell you where you may be able to cut back in order to help in saving money.
Frequently the best place to start is to get debt free and to stop the money drain that debt and high interest bills can cause. You can get a free quote here:
Since we don't know your exact expenses, I encourage you to download and review the Bills.com Free Budget Guide, to learn about possible ways to help cut back on your expenses and increase your monthly savings. Hopefully, a new budget will also help you in bringing your delinquent credit cards current, as these unpaid accounts are likely causing serious damage to your credit rating.
If you find that you and your husband simply cannot afford to save money with your family’s limited income, you may have no choice but to wait until your financial situation improves. For example, once you are able to return to work, your additional income should make saving money more feasible for your family. I wish you the best of luck in finding a solution to your financial difficulties.
I hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
Debt statistics
If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q4 2023 was $17.503 trillion. Student loan debt was $1.601 trillion and credit card debt was $1.129 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
Collection and delinquency rates vary by state. For example, in Georgia, 18% have student loan debt. Of those holding student loan debt, 9% are in default. Auto/retail loan delinquency rate is 6%.
While many households can comfortably pay off their debt, it is clear that many people are struggling with debt. Make sure that you analyze your situation and find the best debt payoff solutions to match your situation.
