Go back to school or pay down debt

Trying to figure out if I should go back and finish a second degree or keep trying for a second job to pay off some debt.

Background info: got a house, did lots of work then DH's OT became non-existent and all the 0% interest CC are now up so we have like 7K in debt and ZERO savings. I have a stable job, with okay pay but dh has a bad job with bad pay but both of us probably will not be let go. DH may should be working OT again in a month or so.

I can't seem to find any freelance work that is stable to supplement lost income, i always wanted to get my photography degree to be completed. I figured if I could complete it in two years going nights I could get a secondary job as a photographer or have a constant freelance gig (currently work as a graphic designer/photographer).

Choice as mentioned above: go back to school and take a student loan out and get the degree and the missing knowledge I have (about 8K) or keep working min wage paid customer service based jobs and paying back the debt. I have excellent credit still and no student/car loans.

Re: Go back to school or pay down debt

I'd pay down debt first.

Re: Go back to school or pay down debt

I would pay the debt down a little as well.

Re: Go back to school or pay down debt

i would do a modified dave ramsey plan.

i would get a small savings going... so you're not tempted to use CCs for small emergencies.

then i would sacrifice a given amount of time... one semester's worth, to bust my a$$. get the second job, eat beans and rice/ hamburger helper, live by candle light, sell everything that isn't nailed to the floor on craigslist. make that debt as little as possible as quickly as possible. then i would go back to school when you feel you have a little more breathing room... BUT... NO sudent loans, NO NEW DEBT.

while going back to school, i would continue to work the plan of paying off debt. this could mean that you take less classes than you wanted, but it can be done.

i'm doing it, now.

i hope this helps, some.

best of luck to you in wanting to complete your education

Re: Go back to school or pay down debt

i honestly have a lack of confidence with my work and that is really the issue with me finding a good second job. I really wish I could just be a photog assistant to wedding/event photography since i enjoy casual shooting instead of studio and the hours are perfect for me.

Edit: yea i kinda felt going back to school and putting more debt stress wasn't going to be the solution. I am already selling most of my stuff (even my beautiful precious mac tower) ugh i just needed to hear it from strangers.

Message edited 10/25/2010 9:51:19 AM.

Re: Go back to school or pay down debt

Re: Go back to school or pay down debt

Since you plan on student loans, I would go that route and go back to school.

You usually don't pay the loans until you graduate so you would not add to your current debts right away. Meanwhile, you could get freelance jobs as a photographer before you graduate.

So I say go back to school now. Make sure you qualify for those loans also with an advisor at the school.

Message edited 10/25/2010 10:02:50 AM.

Re: Go back to school or pay down debt

I'm in the minority but I say go to school if it will help you make more money.

7K really is not that much debt, and working for minimum wage isn't going to help you that much.

Are you still using your cards? Try to consolidate them into 1 low interest card/loan.

Re: Go back to school or pay down debt

its kinda a tough to answer will it help me earn more. At my current state job - no it will not unless I become a manager and that wouldn't happen unless i switch locations.

if i go private yes it would.

I could also try to work while going to school (i can try to squeeze in some freelance work or babysitting on Fri/sat/suns) but i would have to allow myself time to shoot for assignments.

Message edited 10/25/2010 11:24:46 AM.