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Old 07-19-2006, 03:17 PM
Raidra Raidra is offline
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Join Date: Jul 2006
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Paying Off Debt vs Saving

We have about $16k in debt (credit cards, car, etc) and we can't take out any equity loans.. so we'll have to raise the money to adopt ourselves. My question is.. do you think it's better to pay off our debt and take out an adoption loan after (we may not qualify since our credit rating will still show some late payments and whatnot), or put whatever extra we earn into savings for the adoption fees? If we save the money and don't pay off our debt, will the debt count against us? Our joint income is about $75k, and we're a family of four.


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Old 08-10-2006, 02:19 PM
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MommyBear MommyBear is offline
Join Date: Dec 2005
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I just wanted to say that I think the reason that you didn't get any responses is that the decision you are facing is INCREDIBLY personal and no one felt comfortable steering you in a particular direction. I started to answer this question a while back, but I was uncomfortable even telling you what WE did, because I would never want to suggest that we made the right decision, only the best one we could make for ourselves at the time.
Married to Doug - 9/20/03
Mom to 3 kitties
Starting over with new agency!
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Old 08-14-2006, 07:27 AM
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bellazmama bellazmama is offline
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Personally. . .

I'd rather let the debt you currently have stay as-is and throw your extra into a special adoption savings account, especially if your credit is a bit yucky, like ours.
Favorite Book: "Does Anybody Else Look Like Me? A Parent's Guide to Raising Multiracial Children" by D. Jackson Nakazawa--Addresses the special questions & concerns facing both transracial adoptive families & bio families, explaining how parents can best prepare multiracial children of all ages to make their way confidently in a color-conscious world.
"I can't take credit for the face, but I will take credit for the smile."
"Truth is the cure for ignorance. Stupidity, however, is terminal."
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Old 08-15-2006, 05:33 AM
jaenelle jaenelle is offline
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Join Date: Mar 2005
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DH and I have pretty good credit (all accounts current, etc.) and we are taking out a home equity line of credit to finance the majority of our adoption. We plan to make payments on it every 2 weeks when DH gets paid. We will have to come up with travel expenses and some legal expenses on our own, although my mom has offered to help with some of that stuff should we need the money in a hurry. We are trying to do a combination of savings and paying for debts -- as I really like to have a "cushion" in the savings account.
Kati (31)
WONDERFUL Husband Vince (29)
BEAUTIFUL Daughter Yuna (signed with agency 7-06, born 10-06, finalized 4-07)

April '09 -- Starting research into adopting from foster care
MAPP Classes: May 5 - July 7
June '09 -- Quit MAPP classes, adoption plans on hold while deciding if Haiti might be right for us in a few years, once DH finishes college.
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