No. of Recommendations: 0
You seem to have two problems: credit card debt and an interest only loan that falls due in 2008. If everything else about your housing is okay, I would not suggest that you sell and then either rent or buy later. All of that rearranging of your life can be emotionally upsetting and expensive, which could make things worse for you, not better.

Welllll, the cc debt is a problem but I don't see the interest only loan as a big deal since I had and will continue to have equity in the home from appreciation BUT it will come due in 2008 and I risk an increase in the interest rate.

RE: CC Debt, love your suggestions but I'm 100 steps ahead. I have done everything you said already, on the right track, big hiccup in May when I LOST my job and was unemployed for 3.5 months, now I am contracting and close to landing a perm job. Fortunately we were able to NOT accrue more debt during the unemployment time. We are living on a shoestring to try and pay off the debt. I'm actually enjoying it, it's kind of a challenge to see just how little we can live on. It's actually all MY debt so DH is helping when he doesn't have to. I don't expect this to happen again, it was due to not being employed for too long before I was married, now with a second income, we have a cushion.

RE: Refinancing soon... wouldn't I lose A LOT because I just paid to refinance less than a year ago and would have to pay all those fees again?

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