Alright so, as the title suggests, I’m in a bit of a predicament. I lost my job a week before my wife and I got married and have thus lost my major source of income at a very expensive point in our life.
Thankfully, we have some cash savings so we’re able to continue paying rent (on paper we have 11 months banked but with other expenses it will come out to be less). We built up this cash and hoped to put a lot of that towards our credit card debt (mostly from wedding expenses) immediately after the wedding. Now with no paycheck (but some good prospects), I’m not so keen on making a huge payment on the credit cards as the cash is our safety net.
Obviously we are getting hit with interest on the cards. But now that it’s a new tax year, we were considering selling some stock from equity rewards that we have to free us of debt. This is money we had earmarked for a down payment on a home in the distant future, or some other big expense, but the stress of this debt is starting to get more and more crushing. And of course the interest is adding up.
On top of that, our COBRA fees for insurance are $1200 a month which puts an additional strain on our resources. Unfortunately, I am likely going to need surgery in the next few weeks, so this is a necessary expense to avoid paying out of pocket.
Is selling this stock a good idea?
Should we wait to see if one of these jobs comes through before any major move?
Should we just keep paying the minimum to keep us afloat?
TLDR: lost job right before wedding, wondering if we should sell stock to cover credit card debt
Debt: approx. $60k
Savings: approx $40k
Stock: approx $70k
EDIT: should also note that the wedding has come and gone, so canceling the wedding is no longer an option. With this all happening a week out, we wouldn’t have been able to save much money anyway per the vendor contracts etc.