I am a young guy, recently married, and recently had my first daughter. I work full-time in the IT industry, and will be graduating with my 4-year degree next month (May 2018).
As all young people do, we get into debt, whether personal, educational, or a combination. I have fallen into the combination area. I have some of my own debt, debt from the wedding and honeymoon, student loans, and now, my wife's student loans which are coming due, her medical bills from the pregnancy/childbirth and an emergency surgery a few months ago. I am struggling to support my family, and feel helpless.
I would love to opportunity to give my child the best life there is, and getting some help with my debt would be a great start to help me get back on my feet.
I have been working on reducing my debt, and monthly obligations, and it was working until my wife's student loans came due. In order to reduce our monthly obligations, we did not renew our lease, and moved to my childhood home, to rent the house from my parent's while they travel for work. This cuts our rent down roughly 40%. We have also started cooking more and eating at home, buying store brand items only when we need them, and trying to schedule shopping trips around credit card due dates.
As of right now, we have a combined student debt of around $100,000 and combined personal debt (credit cards, personal loan, car, medical etc.) of around $40,000.
At this point, I do not see us being able to afford all of the costs associated with raising a child in our current state, without falling further into debt. I have already financed a couple of medical bills. I am not one to ask for help, ever, so this is very hard for me.
Another issue I am now facing is a home purchase. My parents will be returning from their overseas work in October 2019, and will then resume living in their house, meaning I will need to move my family out. We would like to buy, so that our monthly payments are going into equity, and not another rental situation. But, because of the debt, and being a single income family, I will not be approved for a mortgage of much value, if anything at all.
I do not want someone to swoop in and pay it all, I am just looking for some assistance creating a buffer, so that I can make further budget adjustments and get on track, while still making the monthly payments and not falling delinquent.
I understand that most people on this site are trying to raise money for great causes, and I myself have donated in the past. I dare not degrade them or prioritize myself ahead of any of them, for this request is out my own fault. As I said above, this is mainly to balance myself to support my family, in order to give them the best life that I can.