The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: NEW MEMBER CONFESSION||Date: 7/12/2005 3:24 PM|
|Author: buckmizer||Number: 208096 of 310986|
Is this ever advisable? To sell your house to pay off consumer debt?
Sure, like if you can't afford the house payment.
I hate debt as much as anyone, but I think that selling your house would be a bit extreme as long as it is not killing you right now.
Not only is it extreme, but it's naive to think that if you sell your house that even if you collect $50K in equity that it will all go to your debt. There are moving costs, realtor commissions, financing costs, etc--not to mention costs associated with a new home. So, if you don't have to move, then don't.
Also, why did you do so much refinancing in the past? Were there debt problems then too? Have you learned the lesson that you can't borrow out of debt?
If you are managing okay without a current assignment right now, then why not pick up work anywhere doing anything and get a little ahead?
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