I made some big mistakes. Dh was laid off last summer. He looked and looked for employment, but couldn't find anything he could do that wasn't minimum wage.
He was actually saving us money at the time by not working so that we wouldn't have to pay for childcare. Childcare in this area costs $250 a week. Minimum wage pays that...BEFORE taxes.
Well, then we had another child, and now my income cannot keep us afloat. We are rapidly sinking deeper and deeper into debt as we rack up the credit card bills. But how else are we to pay for groceries?
Here's where the mistakes come in.
We decided that since he can't get a job with just his good looks and high school diploma, he'd go back to school. He picked an accredited program with the local community college that has a 97% graduation rate and a 100% job placement rate within 6 months of graduation. So, we took out a student loan to pay for school and living expenses while he was in class. I co-signed on it to help get a better interest rate.
And...now he's failing classes.
If he repeats his classes, that's more student loans to take out. If he quits school and just gets whatever job he can, that's a pretty fat payment we won't be able to make because childcare will cost more than what he'll be making.
I bring in 2800 a month. 450 of that goes to utilities. The rest is all debt, which if I were to only pay minimums on, would amount to 2230 a month (2 mortgages, 2 credit cards, and 2 student loans). That leaves $120 a month to pay for groceries, gas for the car, any medical expenses, other incidentals, and the $270 student loan payment of his that will be due 6 months after he stops going to school.
I make too much to qualify for any assistance programs even with claiming him as a dependent, so leaving him isn't a financially responsible decision, because that'd make me even more ineligible. Plus, I co-signed on all his debt sooo...it wouldn't even reduce my bills.
Let's get past the...I should not have married a man who was satisfied with a mediocre high school diploma if I wanted financial security lecture. And let's get past the...what the hell was I thinking co-signing on a loan.
What can I do now?
I'm under contract with the cable, the internet only costs me $40 a month (and we had it because he was doing online classes while staying home with the baby), and I need the cell phone for work and overall communication (I do not have a landline). The heat bill, electric bill, and water bill are non-negotiables because we have children. We already operate on a minimum with those.
How do I get out of this mess???