I own my home. I have a home equity loan, am paying my son's tuition loan and have some credit card debt. Should I sell my home to pay off debt or is there an alternative?
Is it wise to sell your home to get out of debt?
No...do not sell your home. You'll either just have to but another one or waste money on renting one. If you already own something you shouldn't sell it. Try to get an additional source of income instead.
Reply:This is a hard one. I am only thirteen so i can help you a little bit but: IF you have a student loan , credit card debts , and house equity loan, I say talk to your bank to see what plan they can put you onto help you pay off your loans. Also you should start a budge that way your watchign how much you spend that way you dont go totolly bank rupted.
Good luck to you
Reply:I am not a financial consultant but it would seem to me your house is still appreciating in value..
I don't think I'd sell my home to pay off debt.
I think, keep your home and find a debt financial consultant
who will work with you and figure out a way to get out of debt more quickly and efficiently.
tanning
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