Couple's $160K Debt Crisis: $17/hr Job & Military Deployment

Financial Overview and Debt Burden

• 💰 The couple is currently facing a total debt of approximately $160,000.
• 🎓 A significant portion, $135,000, is attributed to student loan debt for the wife.
• 🚗 An additional $24,000 is car debt.

Wife's Education and Employment

• 🔬 The wife holds a Bachelor of Science degree with an emphasis in biology and a certificate in business.
• 🏥 She is employed at St. Luke's Hospital, earning $17 per hour.
• 🎓 She is considering a master's degree in dietetics to improve job prospects, but this is questioned as a solution.

Husband's Employment and Future Plans

• 🎖️ The husband has recently returned from a deployment, earning about $70,000 over the last 10 months.
• 🛠️ He is currently in the National Guard and plans to pursue an AMP certificate, expecting to earn $30 to $40 per hour.
• 📚 He is working while attending school.

Financial Challenges and Advice

• 📉 The current household income is insufficient to manage the debt load effectively.
• ⚠️ It's suggested that a master's degree alone may not solve the employment issue and that the couple has other financial problems to address.
• 🎯 The primary advice is to increase income and aggressively pay down the existing debt.
• 🚗 Purchasing a car they couldn't afford is identified as a contributing factor to their financial strain.