I was laid off from my previous job that I loved but paid very poorly. With my wifes income at the time we scraped by. I landed a job in a new town 3 hours away and we have moved and are settling in, with a newborn. My wife left her job making 800-1000 monthly to stay home with the baby. Im 27 years old and have made a lot of stupid financial decisions in my youth and want to begin repairing the damage if possible.
For the facts-
I currently bring home on average 1500-1700 every two weeks, with overtime this could be as high as 2000. We have a small home $850 monthly all utility bills paid, including internet and satellite TV. Both of our vehicles were paid for with cash after income taxes. Though I drive a company van to and from work. Insurance for both personal vehicles is roughly $175 monthly. My wife and I have a newborn living in the home. I have an older son who lives with his mother who I keep on weekends/holidays. I pay child support of $150 monthly, at the moment and expect this to increase due to increased income. Our only other bills are our personal phone bills, we use Straight talk and pay $90 for both of us to have cell service. Small subscription services such as netflix/hulu/etc.
My credit report shows 532 for Transunion & 524 for Equifax. I owe 5300 in 7 collections accounts. Some medical, some from dumb decisions like store credit cards. I owe 43k in student loan debts that I will need to begin paying in the near future.
I'd like to repair this damage and eventually purchase my wife and I a family appropriate vehicle. How bad is my situation? How difficult will this be to fix?
I can supply more information if needed, Thanks for taking time to read this.