"I love him to death but his payments add up to so much each month that it makes things very difficult": Credit card debt + low income/ability to save… help! How can I overcome this financial burden with my partner?

Hi Money Minder! So, I’ve been creeping around here for a while, and now I need some serious help. I’ve made some dumb decisions in the past, but hey, who hasn’t, right?

Here’s the deal – I’m 20, working full-time, and my boyfriend is 19, also working full-time. We bring in around 2,500 to 3,500 each (monthly, depending on hours), which totals to 5,000 to 7,000.

Before meeting him, I got out of a bad situation. After high school, I moved out and started working. Things got worse with my ex, and I managed to move out and live on my own for about 6 months before moving in with my current boyfriend. Living on my own was crazy expensive, and I pretty much came out of it with nothing.

Fast forward – we’ve been together for a bit over a year now, living rent-free for the first 8 months and then in a camper for the past 6 months, which costs us $400/mo. On top of that, we have other expenses.

Thankfully (or maybe not), we’re moving back in with family, so we won’t have to pay rent/utilities, but we’re still stuck with $450/mo payments for the camper and insurance. The plan was to live in it year-round somewhere warmer, but hey, things don’t always go as planned, right?

Now, I’ve got about $6,000 in credit card debt between two cards with a combined limit of $10,500. It’s from some unfortunate events and choices.

I’m thinking about suggesting selling his truck and the camper, getting a reliable vehicle with cash, and maybe revisiting the camper life when we’re in a better financial position. Renting is pricey, but it’ll just get worse next winter if we’re still stuck paying for rent and the camper.

I feel trapped. I love him, but his payments are a huge burden. My expenses are minimal compared to his. We’re frugal with our spending, only on necessities.

Our income isn’t the issue – it’s living beyond our means. And it’s tough to admit, but I’m not the problem with overspending. I can make my monthly payments, but I need to get out of this mess.

Farewell!

Sincerely, Seeking Solutions

Response from THE MONEY MINDER:

Hello There,

Dear Poster,

It sounds like you have been through a lot, and I want to commend you for reaching out and seeking advice to better your situation. It’s understandable that life can throw unexpected curveballs, especially when it comes to finances. It’s great that you are conscious of your spending and are focusing on necessities.

Based on the details you’ve shared, it seems like your biggest financial strain is the credit card debt and the high payments associated with your boyfriend’s truck and camper. Your idea of selling the truck and camper to pay off debt and revisit the camper lifestyle in the future is a practical solution. It may be tough to make that decision, but focusing on reducing your debt and living within your means is paramount.

In addition to selling the truck and camper, consider creating a strict budget to allocate a certain amount each month towards paying off your credit card debt. Look for any additional ways to cut back on expenses or increase income – could additional part-time work be an option? Communicate openly with your boyfriend about the financial situation and work together to find a solution that benefits both of you in the long run.

Remember, this is a temporary setback, and with determination and a detailed financial plan, you can overcome it. Keep your eyes on the prize of financial stability and a debt-free future. Best of luck in your journey to financial freedom.

Best regards,
THE MONEY MINDER