I am a divorced woman about to turn 60.
I am a teacher and make decent money, however, it is taking all of my take home pay to keep everything paid each month.
I am not able to put money into my retirement or go see my grandkids.
Three years ago I bought a home. At that time I was completely debt free. The house payment, upkeep, utilities, car, and credit card payments take all of my money each month.
I pay $1,200 a month on the credit cards and less than half goes on the principal. I have $48,000 in credit card debt.
Last year, in 2012, I paid over $8,000 in interest alone on the credit cards. If I sold my home I could make enough profit to pay off about 35–40K depending on how much I could get for the house. I am an honest person and believe in paying what I owe.
Should I sell? And if not, what should I do?
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.Should I Sell My Home to Get Out of Debt? - Gloria by Steve Rhode