From time to time, I hear complaints from readers that everyone I feature in Home Economics has their financial shit together. And it’s true to a certain extent: Of the 27 editions I’ve published over the last year, just a handful profile people struggling to pay off consumer debt. Many other Home Ec writers will express distress that they don’t feel financially stable, but they’ll still have significant assets—a home, an IRA or 401(k), a high-yield savings account, even a (relatively) high-paying job—that offer some level of protection.
I do think people feel insecure because things are so expensive and so unstable right now. Unless you’re truly a multi-millionaire, it’s hard not to worry that one bad break (a medical emergency, a natural disaster, an extended job loss) could lead to financial ruin.
I like to explore this theme in Home Economics, because I feel like it’s a safe space to say out loud: “Things might look good on paper, but I’m still worried.” But I also realize that if you are in debt or you don’t have any savings, these kinds of stories could be really frustrating.
Unfortunately, submissions from people with debt are few and far between. And I get it—debt sucks. And there’s a lot of shame around it—especially consumer debt. Readers might understand if you’re paying down student loans—that was money (arguably) well spent on pursuing higher education. But there’s a certain stigma around having credit card or personal loan debt. And why would you risk being shamed by strangers?
I realized in writing this that most of the Home Economics entries that feature consumer debt are behind a paywall. I think I unwittingly did that on purpose, to protect the writers from judgement. It’s not easy to put your financial life out there even when you’re killing it. I wanted to protect them from criticism. And I did it again this week. Maybe that’s why people are beginning to think The Purse only features people who have it figured out?
Anyway, this is all to say that I love to feature all kinds of money stories in Home Economics, and even without readers dropping comments about relatability, I have worried about the diversity in this series. So this is another call to encourage you to share your story!
Today’s Home Ec features a couple who are struggling to pay off more than $80,000 in consumer debt they accrued trying to keep afloat after multiple job losses—we’ll call them “Underwater in Chicago.”
They also got in over their heads trying to keep up with the mortgage and maintenance of a home they bought in Texas. And it caused even more financial stress when they were unable to sell it without losing money. Instead of selling at a loss, they found renters whose monthly payments cover the mortgage. And Underwater made the decision to relocate to Chicago to be closer to family and hopefully get a fresh start as they try to make real progress on their debt repayment.
Age: 45
Location: Chicago
Relationship status: married
Age of partner: 41
About me: I’m a producer with a lot of creative hobbies and aspirations. My husband and I have two kids, and we somewhat recently relocated to Chicago to be closer to family. We were also looking to move to a relatively lower cost-of-living area so we could focus on paying off our debt.
Income:
- Your job title/salary: Producer, $88,000
- Partner’s job title/salary: Freelance artist, $58,000
- Your monthly take-home pay (paycheck amount after taxes and other deductions): $4,700
- Partner’s monthly take-home pay (paycheck amount after taxes and other deductions): ~$4,400. We’re not taking enough out for taxes.
- Other side hustles: Once in a while, when the weather is good in Chicago, my husband will pick up a few Uber Eats deliveries to make some extra cash. Roughly $150 a month.
- Total monthly income: $9,200
