This is a very long story, so I won’t go into the details. I was wondering how does one get out of credit card debt? I know how to avoid it (now, after the fact), but once you are there, how do you get out of it?
My wife and I are in our mid 30’s, we have 5 children (#6 due in early December). We are a one income Catholic family and are on public assistance (food stamps, children’s health insurance, WIC, utility help). My wife is unable to work due to health reasons and since she is pregnant she is ill at this time so I do a lot more around the house, so as of now I can not work a second job. If I could work a second job, we would lose all our assistance. If that happens I will be working just to cover the losses there and then never home and we will still be in the same financial situation we are in now. I can’t afford to go to college ($13,000 in credit card debt). We are VERY close to no longer being able to make our minimum credit card payments. All this debt is taking a toll on me and I am unable to figure out how to stop it. We don’t make enough money, so we still use our credit cards (almost maxed out) to pay for gas, diapers, clothes. We don’t do anything for fun (can’t afford to). I don’t own a cell phone, I’m at the library as I type this.
We looked into consolidating our credit card debt and it will cost us more per month than what we pay now monthly for credit card minimum payments. I don’t know what else to do. Any advice (and prayers) would be very helpful. Thank you.