How can we tackle our debt with high mortgage and credit card interest?

S

StormRippedSuit

New Member
Hello, we’re feeling a bit overwhelmed with our debt situation and are unsure how to make progress. We purchased our home almost two years ago but are considering selling it and renting instead, as our mortgage is quite high—rent would likely be around $2,000. We’re also looking into moving our child to a more affordable daycare, which could save us around $500 a month. Our credit card debt currently stands at $35,000, with some interest rates as high as 29%. After meeting with our accountant, we expect to owe about $5,000 in taxes. We’ve already reduced our spending on dining out and non-essential expenses. My husband suggests we pause our tithe for now to focus on debt repayment, but I’m feeling conflicted about that decision. We could really use some guidance on how to move forward.

Edited: I realized my earlier calculation for the tithe was incorrect—it should b e $1,120.
 
You mentioned cutting back on spending and eating out. To achieve debt freedom, eliminate eating out entirely and focus solely on bills and essential expenses. Consider taking on an additional job and put every extra dollar toward your debt.
 
I mean, selling the little one on eBay might be the only option at this point . Just kidding, of course! But seriously, have you thought about shopping around for a cheaper daycare spot? Childcare costs in this country are straight up ridiculous.
 
I’m a preacher, and I’ve always told our church there’s no set amount to give. You should give as you’re prospered. Whether it’s a lot or a little doesn’t matter. What’s important is that it comes from the heart and is planned ahead of time.
 
Hey, if we take out the $580 personal loan, your expenses are almost equal to your income. But including it, they go over. You might need to make some big cuts, and the tithe is a major one to consider. I know this isn't easy, but I'm here to help.
 
You don’t have to donate money to support your church there are plenty of other ways to contribute. Once your kids are out of daycare, you might find it easier to give more. Remember, God understands your situation. We’re praying for you and your family.
 
Hey, as a Christian, I’d suggest scaling back on tithing if it helps you manage your assets and pay off debt. Honestly, if you can get your finances in order now, you’ll be able to do more good down the line. I believe God cares more about your heart, not some monthly balance sheet.
 
Don’t sell your house and rent – you’re just paying someone else’s mortgage.
Stop paying the church – they don’t need it, and it doesn’t make you less of a believer or Christian.
Change childcare.
Get alternative quotes for insurance.
 
Giving back with time instead of money is totally okay! I’d stop tithing and volunteer my time instead. Daycare is super important too just make sure the place you choose is trustworthy and reputable. Your little one is your biggest priority, so you want the best care for them.

Ugh, tax season is the worst! I feel you paying taxes all year and still owing money? That’s so frustrating. It’s wild how it works, but that’s a whole other conversation.

As for the money stuff, I’d use that tithing money to tackle the personal loan first. Then, I’d look into consolidating thsoe credit card balances again. If you find it hard to stop using the cards, closing them might be the way to go trust me, I’ve been there too. You’ve got this!
 
Honestly, this isn't easy for me to share, but I want to be real with you. Making the choice not to tithe can feel really heavy. When I'm at church, I give what I can, but there are times when I just can't it feels like I need that money for other things. I hope God sees the sincerity of my heart, even when it's hard.

If you're using a budget to track your expenses, I want to share something that's helped me. I've fou nd this platform called MoolahPlan, and it's made managing my money so much easier. It might be worth checking out.
 
I've found moolahplan to be a lifesaver when it comes to organizing my debts. It uses the debt snowball method, which makes the process feel more manageable, and the budgeting feature is such a helpful bonus! It's honestly made paying off my debts feel less overwhelming.
 
Back
Top