Hello,
This is my first time posting. I appreciate any advice or comments.
Married, 40 years old. Husband 41. Combined income is 75k. I am a registered nurse and work part time. My husband owns his own small business.
We have two kids, ages 9 and 12.
We have two credit cards with daunting balances.
1. $30,000 17% (maxed out, paying minimum payment at the moment, can barely make dent. We will be long dead before we could ever pay this off)
2. $12,000 12.9%
We owe $11,900 on our house.
We have $16,820 that we can get relatively easily (stocks).
No car loans, nothing else but our house and the two credit cards. We are current on all of our monthly payments and have never missed a payment.
We are motivated to get rid of the credit card debt.
We are thinking of taking out a 5-year home equity loan for $50,000 and paying off the house and two credit cards. Is this the wisest thing to do?
To answer any questions as to why we are in so much debt: I am mostly to blame. Over the course of several years I racked up debt on the 30K card. I don't have anything to show for it. I was immature and an idiot about money.
I have serious regrets. My husband and I could be "rich" right now if we weren't in this kind of credit card debt.
I am seeking more hours. I work part-time and receive health benefits through my employer. I have worked part-time because I want to be home with my kids. My boss knows that I am interested in more hours. I am in a wonderful work situation and love my job. I have an opportunity to go full-time as soon as a person retires (she's 65) in our small department (1-5 years).
Any advice is much appreciated.
This is my first time posting. I appreciate any advice or comments.
Married, 40 years old. Husband 41. Combined income is 75k. I am a registered nurse and work part time. My husband owns his own small business.
We have two kids, ages 9 and 12.
We have two credit cards with daunting balances.
1. $30,000 17% (maxed out, paying minimum payment at the moment, can barely make dent. We will be long dead before we could ever pay this off)
2. $12,000 12.9%
We owe $11,900 on our house.
We have $16,820 that we can get relatively easily (stocks).
No car loans, nothing else but our house and the two credit cards. We are current on all of our monthly payments and have never missed a payment.
We are motivated to get rid of the credit card debt.
We are thinking of taking out a 5-year home equity loan for $50,000 and paying off the house and two credit cards. Is this the wisest thing to do?
To answer any questions as to why we are in so much debt: I am mostly to blame. Over the course of several years I racked up debt on the 30K card. I don't have anything to show for it. I was immature and an idiot about money.
I have serious regrets. My husband and I could be "rich" right now if we weren't in this kind of credit card debt.
I am seeking more hours. I work part-time and receive health benefits through my employer. I have worked part-time because I want to be home with my kids. My boss knows that I am interested in more hours. I am in a wonderful work situation and love my job. I have an opportunity to go full-time as soon as a person retires (she's 65) in our small department (1-5 years).
Any advice is much appreciated.
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