Credit card debt and new baby on the way?

Question

I know this sounds like a CRAZY question.
My husband and I currently have about $2,800 in credit card debt. We are also expecting our first child at the end of January '08.
Has anyone else out there gone into first time parent hood with credit card debt?
If so, was your debt like mine? Or worse? Or better?
We only pay about $200 a month to it and I know, with a baby in our lives, that may be less... but I guess I just needed a pep talk. We are working hard at paying it off and saving money at the same time, but.... I feel like I should be debt free when the baby arrives and that's not going to happen!!!!
Thanks guys :)

Answer 1

For the next 4 months, "pretend" that you already
have the baby with respect to expenses. You're going
to have to buy food, diapers, medicine, blankets, etc
for the baby, so take *that* money and pay down your
credit card bills now. When the baby comes, you'll be
used to having that part of your budget being taken,
and your credit card debt will be smaller.

Answer 2

I was in more debt then you were when I had my daughter. I am now debt free with the exception of car & mortgage. I have no credit card balances. I worked hard and saved. I also found a few websites that allowed me to make money to pay off my credit cards so that I didn't have to get a second job. Being pregnant and working just one job is stressful enough. Send me an email if you want to know how I work at home in my spare time doing referals. I will share the info free that I learned the hard way.

Answer 3

Hey Guys

Debt is a horrible thing, we all try not to get into it but sometimes lifes circumstances and choices wind us up in a pile of debt. Personally, there is a wealth of knowledge available, and with a little thinking and planning, you can systematically get rid of all your debt. I used to be in big debt, a few hundred thousand, however from about the past year or so I have been living debt free. Im not promoting anything here, I just want everyone to know that its possible. I write about my experiences in regards to Debt Consolidation, Car Loans, Credit Cards, Student Loans on my blog listed below so stop by if you get a chance and leave some comments.

http://credit-and-loans.blogspot.com/

Answer 4

Depending on the inrtrest rate $200 will never retire the debt Also the new CC tems are gong to a 3% min or a $300 payment. Savings shoud reuce the debt, do the math

Answer 5

Not many people have babies debt-free. There are mortgages, car payments, etc. Treat your credit card debt like you would a mortgage or car payment...as something that HAS to be paid a certain amount evety month or else. Budget around it no matter what. Before you know it you'll be debt-free and have some extra income. $2800 is not that bad by today's standards..you'll get there! Congrats on the baby.

Answer 6

Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments.

When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.
http://debts-to-wealth.com/category/Credit-Card-Debt-Consolidation.html

Answer 7

Dont worry about the debt you will be fine don't let that credit card run you.. You have a baby on the way.. Everything will be fine.Just calm down and focus on other things the bills will always be there at one time or the other you and your family are the most important thing right now.

Answer 8

My debt is alot more than yours :( and I'm due around the same time. I am currently working with my mortgage company to lower my monthly payments, and you could do something similar. If you have a good history with the company, ask if they can possibly lower the interest rate. Failing that, see if you can transfer the balance to a card with one of those 0% interest introductory deals. It may help you pay off the card sooner if you don't have any interest payments.

Answer 9

there's an old saying...if you wait until you're out of debt to have a baby, you'll never have one.

$2800 isn't that bad, honestly, unless you make less than 1/2 of that per month.

Just put as much extra cash toward the debt as you can.

Depriving (meaning not splurging as often) now will save you from being overly deprived (and not by choice) in the future.

Best of luck honey...congrats on the pregnancy!

Answer 10

Jan 08 is 4-5 months away, depending on timing. Just pay one-forth each month until then. Take action now. Get second or third jobs. Cut your budget to the bone.