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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
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Debt statistics
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Auto loan debt was $1.62 trillion and credit card was $1.12 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 8% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
Each state has its rate of delinquency and share of debts in collections. For example, in Nevada credit card delinquency rate was 4%, and the median credit card debt was $448.
To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.
