Under what circumstances outside of us going into bankruptcy would I sell a house with 100K in equity to pay off $60K in debt and be totally debt free? Is this too broad a question? In a nutshell, here is our financial picture.
Income $6950/month
Debt $6550/month paying min pmt's on CC debt
Total Debt
CC $31000
St Loan $18000
Medical $1700
Fed Taxes $5800
Rainbow Vacuum $2000
As I see it, we have 2 options...sell the house and pay off all our debt minus student loan. Rent for 2-3 yrs until we can pay a hefty down payment or ask my wife to go back to work. Im not excited about the 2nd option.
Thoughts?
Income $6950/month
Debt $6550/month paying min pmt's on CC debt
Total Debt
CC $31000
St Loan $18000
Medical $1700
Fed Taxes $5800
Rainbow Vacuum $2000
As I see it, we have 2 options...sell the house and pay off all our debt minus student loan. Rent for 2-3 yrs until we can pay a hefty down payment or ask my wife to go back to work. Im not excited about the 2nd option.
Thoughts?
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