Nafai, I was in a situation much like yours up until June of this year. We had over $40,000 in debt and were getting nowhere. We tried many "budget" plans (I think "The Total Money Makeover" by Dave Ramsey is the best, most no-nonsense approach in this area), but decided we simply weren't making enough.
So I took a chance on a job 2400 miles away. I don't have the constitution to handle self-employment, so in my case getting a higher paying job was my best option. I'm now making 50% more in an area with a 20% lower cost of living (that's also closer to family and friends). My wife landed a better job as well. Together, we're making almost 65% more than before.
With our current plan, we'll be COMPLETELY debt free in about 18 months! So, yes, in our case, with such a high debt load, getting higher paying jobs was the fastest route. We suffered with this debt for a long time before deciding that the financial stress was too much, and that finding higher paying work--even far, far away--might be necessary. And we're glad we did!  |