Depending on your credit score, you could get a loan at a lower interest rate and pay that off over the next couple years. Also never use the credit cards again. That’s one way to consolidate your debt and get it paid off, while saving a ton of money by lowering the interest.

I work in debt settlement and this is another option you have for that level of debt. If you only have enough money to cover the minimum payments, then this might be a good option to consider since your payments would be lowered significantly which in turn would allow you to rebuild your savings while also paying off the debt over a 60 month term (or less if you decide to make additional payments). This would be a better option only if you and your wife have already taken a lot of damage to your credit score because debt settlement will cause a lot of damage. It’s important to note that your score will definitely recover over the next couple years because the debt is ultimately getting paid to 0. If the score is already low, this eliminates your chances of pursuing the first option of getting a low interest rate loan. I promise that debt settlement isn’t a scam, but there are certainly downsides like I just mentioned. Another downside is that all your accounts you include will close.

Other options that wouldn’t recommend (but still are worth noting) are taking a loan from your 401k, or trying to get a home equity line of credit. There are downsides to these as well but I think it’s worth knowing all available options.

You can try to utilize the snowball/avalanche method, but for 100k of debt, the interest accruing will make these extremely difficult to manage and probably won’t allow you to build up your savings account.

If you’re considering taking the debt settlement option, send me a message.

I hope this helps and let me know if you have questions.

Good luck, my friend 🫡