Things have changed somewhat. She gave me all of her information so that we could put it all together and in front of us.
It turns out that she wants to be on board, but struggles with the issue of paying attention to the details. She hates to keep track of it all. I offered to be the one to do that for both of us and that was when she offered up all of her information.
She works for the DOD so we are facing a 20 percent cut in her pay for 11 weeks starting sometime in July. It is hard to come up with a joint budget until I know what the exact numbers are, but i put together a plan for a snowball repayment with two different options and presented them. She picked the one that she liked best and we are going to get started. We leave for vacation in two days. Once we get, we will be in a better position to figure out an 11 week budget.
Her spending tends to be the impulse kind and she just doesn’t pay attention to how much it adds up to. I ran the numbers and discovered that she is paying 600 dollars a month in interest – no wonder she can’t get that paid off. She has paid off 10 thousand in the last year so it’s not like she hasn’t been working towards it somewhat, but she could have done better if she had paid attention. Both of us have been doing things like buying clothing, etc. at thrift stores for over a year and she has been good about that. it’s more the seeing something cool at Target while picking up a prescription and then just adding it to her credit card. That’s the stuff that needs to stop. She had no idea how bad things were because she just hasn’t noticed. Now, she’ll have me to point it out to her monthly.
I know that DV doesn’t advocate this, but i went through and found a way to transfer balances so that her interest payments will only be about 100 dollars a month. That means that 500 dollars more each month will go to the principal balance. With my debt, I am only paying about 12 dollars of interest a month. Plus, even my highest interest card is only 13 percent and that one has no balance. My card with a balance is only 7 percent. Now, we should be able to start making some progress. It’ll still be a few years before it is all paid off, but I feel so much better knowing that we are doing it together.