Should we consider a second child while $125K in debt?

By Hoang Thanh February 19, 2025 | 06:38 pm PT

I long to expand our family with another child, yet I’m conflicted due to our debt of VND3.2 billion ($125,392) to the bank, my in-laws, and other relatives.

I am a 37-year-old man employed in the IT industry, and my wife, aged 33, works in banking. We reside and work in Ho Chi Minh City. Our primary income is VND55 million monthly, supplemented by an additional VND15 million from renting a property.

Our financial obligations include VND2 billion to the bank, on which we make monthly interest payments. We also have an interest-free VND1 billion loan from my wife’s family and owe VND200 million to various relatives, all for our home purchase. Our plan prioritizes repaying the bank loan within the next five to seven years before addressing the familial debt.

With a four-year-old daughter already, we are now pondering whether our current financial and employment situation supports having another child. What are your thoughts?