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We Are Seven Years From Retiring. How About This Plan for Eliminating Our Debt? – Alan

“Dear Steve,

We are 7 years from retiring ( we are on target to have 5K a month in retirement annuities)

Owe 110K on house
Have 68K in college loans for 4 kids to pay off
Have 28K in credit card
Have 25K in 2 car loans

The wife and I bring home 102K combined each year

I would like to get out of debt NOW

I say, sell the house, use the proceeds (about 40K) to pay off bills, move into an extended stay facility for a year (900/m all bills paid) and pay off remaining amount in a year.

THEN, rent a place or make down payment on house and save like crazy until retirement.

Alan”

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The Answer

Dear Alan,

You know, that actually sounds like a reasonable approach. It gives you a year of sacrifice but accomplishes the goal you’d like to achieve. Let us all know how it goes and how you feel about taking the big plunge later.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

We Are Seven Years From Retiring. How About This Plan for Eliminating Our Debt?   Alan
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If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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