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.
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.
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.
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.
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