Anonymous User wrote:Hi. I can really use some advice on an issue I've been struggling with. So I am married. My wife and I are considered "young professionals" I'm a first yr associate at a small firm and she is a school teacher. Our combined household income is about $100k per yr. We make solid money and get paid weekely. We currently have about $3k in our savings to date and want to start an IRA soon. Hopefully by January. We both have over $100k in student loan debt but she is on IBR/PSLF and I'm on PAYE. Here's the kicker..... She racked up about $60k in credit card debt for reasons I don't want to get into and hid it from me (all debt is in her name only as we only share a joint checking and savings acct). Just know the thought of divorce has crossed my mind multiple times.... We hope to pay it off in about 4-5 years by making minimum payments monthly and all income derived from renting out our house that we currently own. We have no kids at the moment so downsizing isn't a big deal. My question is.... Is this a feasible strategy to pay this credit card debt off in that timeframe? She disclosed everything to me about 3 months ago but it still hurts. I can't still fucking believe she would spend that much money on something so fucking stupid. Sometimes I just want to fuck a stripper and leave her. I feel very angry/betrayed/boxed in by the whole thing. How can I deal with this and how feasible is our strategy to pay it off?
Your credit card is what's called a "hair on fire" emergency. Screw the IRA and blah blah blah, you need to (a) get a little more into your savings account (three months expenses) and then (b) pay off that credit card debt with all hands on deck.
As others have suggested, look into transferring to a 0% credit card. That interest is slaughtering you.
I'd start working second jobs (Uber probably) and put every cent from that towards the credit card. I'd strongly consider it a dealbreaker with my wife if she racked up that much debt behind my back and then wouldn't work a second job to fix it.
Once you get that credit card paid off, you can take the money you've put towards that and you'll be shocked how quickly you can save money for more worthwhile goals (vacation, house down payment, retirement, etc.).