Dear Dave,

My wife and I will both turn 30 next month. We have two young children, and we make a little over $85,000 combined. The problem is we have about $70,000 in debt. Some of it is credit card debt, but nearly $50,000 is in two car loans. Her mom and dad have offered to let us move in with them, so we can save up money and start getting a better handle on our finances, but we’re not sure how we feel about this. What’s your advice?

Justin

Dear Justin,

You’ve got a ridiculous amount of money wrapped up in those cars. I’d sell the stupid things, get into a couple of little beaters, and start living on a budget and paying down debt.

In your situation, the only scenario where I’d even consider taking the in-laws up on their offer is one where the stay is for a very short, agreed-upon period of time. They’d have to be absolutely wonderful people, too, and everyone involved would need to know their boundaries.

But you guys can get out of debt pretty fast if you’ll just lose the cars. You could even save a little money on the side while you were paying down debt, and buy a better car as soon as the debt was gone.

You might love your cars so much that you’re unwilling to make the sacrifice. Not me. I’d rather keep my dignity intact, and work my way out of the mess I created!

—Dave

* Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.