As Wu-Tang said it... And that saying never grows old. I've always known that in reality, I've been a bit cash strapped after my divorce. I definitely spiraled financially during my short lived marriage attempting to keep not only myself afloat, but absorb the loss of income from my unsupportive wife at the time.
But now I'm feeling the aftershocks of it. AL and I have been talking seriously about buying a home, with me having to absorb the brunt of it right now while we look at selling off her home, or possibly renting it out and selling it later when the market is more favorable. In order to do this we've had to review both of our finances. This is a huge step for me, as with the downfall of my previous marriage I developed into a pattern where I was not tracking my expenditures. I was ashamed of my spending habits, knowing full well that I was not maintaining them and was causing further damage to my credit and finances. I knew full well that I was putting more and more onto credit, and that digging out of debt would eventually become insurmountable.
This past weekend, AL helped me review my financial situation and get a current state of affairs together. We realized after reviewing everything that I was in a similar situation to her. I currently can not afford much on my own. I have somehow accrued over $25,000 in consumer debt, partnered with my school and vehicle loans it put me around $50,000 in debt. Ouch.
So I have a few plans of attack. Might have to make a withdrawl from the bank of D&M (Dad and Mom)... or perhaps have a roommate live with us. Some of the good news is that AL has indicated that my debt to income ration should allow me to qualify for a $250k loan for a home. Good news, I will be able to put a roof over my head... now being able to afford it? That's a different challenge.
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