Is it wrong to ask my parents to go garentor when im married?

Rachel - posted on 02/28/2010 ( 5 moms have responded )

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Ok so here is the deal, im 20 married to a 21 yr old and we own a house. we also have a large personal loan on our cars and another loan on our furniture and stuff we bought just before our house burnt down a year ago, so we are in a bit of debt, since i stay home with bubby i dont earn everything and we are living off my husbands wage, after we pay 2500 just on the loans were left with 35$ a week for food bills fuel etc so its getting difficult. We want to refinance but our home has not got enough quity we need another $10 000 or so, Should i ask my mum to go garentor for us? we always pay our bills and i would never let it affect her in anyway and i know she would do it. it just feels wrong that we are married we should sort our own problems out. what do you think? would you ask your parents or would you do it for your kids? I need to know soon as money is getting very very tight! I could go back to work part time and Im thinking about it but it still wont help enough

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its not about blame its just ppl want to help you maybe see the big picture. sometimes we are to close to REALLY think out and see the big picture. That and all of us understand the want and need you feel to provide the best for your family. Anyway yes if my kids had never hurt my credit or "taken" from me then yes i would help. And yes i would ask my parents if i needed help and knew for sure they could afford to help.

Rachel - posted on 02/28/2010

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I live in australia its a little different over hear. i always have and always pay my bills i have tried all this just answer my actual question please i said i was getting a job...

Rachel - posted on 02/28/2010

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The vehicals are my husbands skyline which is not going as it was a gift for him and a little terios for me all up it is a really cheap car we cant go to one car as we live in the middle of no where, he earns alot for his age just gets taxed badly also he is only allowed one job its in his contract he has been doing overtime etc we have a proper budget we belive we will be refinancing my question is only weather you would ask or allow your kids =)

Stephanie - posted on 02/28/2010

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where does you mom live? nearby?

instead of asking her to put her finances in jeopardy even theoretically, could you ask her to watch your baby for you while you go back to work? Would you be able to make enough working full-time to cover your bills and eventually pay off your smaller loans? Would that give you guys some breathing room so you could go back to working part-time later down the road?

It'd still be a lot to ask mom to do, but it might be better than letting you get into more debt.

ok, I live in CA, so I don't know if you have this program where you live, so bear with me. :) but you should try to sign up for WIC, you and baby could be covered and that would help with the food bills a little.

Bethanie - posted on 02/28/2010

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Have you thought about selling one of the vehicles since you aren't working? I don't think refinancing your home is a good idea because all you are doing is adding to the debt. I don't know your entire financial situation, but my best advice would be to sell and pay off the vehicle that has the highest payment/biggest balance and either a) repurchase a much cheaper vehicle with saved money, only if you plan on getting a job or b) just be rid of it and just have one vehicle for the time being. Are there other "toys" or items that could be sold to make some money? Is there any way he could get a second job or a better one? Have you guys tried working a budget out on paper to figure out where all your money is going to each month? I highly suggest this book: http://www.daveramsey.com/store/Books/Wo... My other suggestion is to take whatever you may get back from your tax return and put it on your smallest debt first. It's definitely not going to be easy to change your lifestyle to fit your income but neither is living off that little for any longer then you need to/should. Good luck!

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