can’t keep up with payments considering Consumer Proposal
December 21st, 2005 by Questions
Both I and my wife owe around $95,000 in debt (student loans, line of credits and credit cards)!! I know that’s a lot of $$. I blame it on poor money management skills. We still have good credit rating, and we still pay our bills, but lately I have to borrow from one line of credit to pay the others or vice versa.
Obviously it is time for action, and put things back on track. but I feel I am sinking in debt more and more.
We make around $100,000/year and bring home around $5100/month.
Our monthly overhead without debt payments is around $4200 between Mortgage payments, daycare, gas, insurances, bills and grocery.
My wife’s student loan is around $30,000 and the loan is around 5 years old.
We are considering the consumer proposal. Do you think it is a good solution for this mess?