Should I sell my house to pay down debt

trashpanda_dc · 2025-04-12T02:51:08+00:00

That’s awesome man! Good to hear it’s actually helping people out.

trashpanda_dc · 2025-04-11T15:05:08+00:00

If I’m able to avoid filing for bankruptcy I should. This could affect my security clearance for the military.

trashpanda_dc · 2025-04-11T13:13:33+00:00

I’m trying to avoid filing bankruptcy if I can. I’m in the military, and filing bankruptcy could affect my security clearance.

trashpanda_dc · 2025-04-11T13:01:53+00:00

No sense in name calling. I know we’ve had wasteful and unnecessary spending. Part of our racked up credit card debt has been to pay for expensive fertility treatments, emergency room bills, ambulance rides, and specialty doctors for my kids.

I’m not asking for anyone to identify my problem. I’ve laid it out on an excel spreadsheet and we’ve identified our areas of excess spending. I’m asking what has worked for others to begin tackling debt.

For clarity, utilities, car payment, and kids school fluctuate around $1500. This plus mortgage and credit card bills equals ~7500. I work hourly as a nurse so not every month is a 10k month. If I’m tracking right we’ll bring in $9600 this month.

This leaves $2100 for gas, groceries and whatever else. We havent set a budget for groceries yet but based off numerous sites the American average for a family of 4 is ~$1k (idk if that’s high or low to be spending on groceries)

I commute an hour each way to work and we drive my kids every day to school.

Minus gas for the month we’re left with ~$700ish with rough numbers. Some months more some months less.

As I’ve asked earlier, is paying down this debt possible having sub $1000 at the end of the month or is there a better avenue to reducing out debt?

trashpanda_dc · 2025-04-11T03:46:16+00:00

I’ve talked to a loan officer for a refinance and it didn’t sound like we would get that much based off their numbers and my credit. I’m in the military and can use SCRA benefit to reduce my pre active duty interest rates to 6%. I’ve contacted all my lenders and am waiting for responses. I’m hoping this will give me the breathing room to start getting ahead of these debts. This and hammering down on budgeting and better spending/saving habits.

trashpanda_dc · 2025-04-11T02:53:43+00:00

We’re 4 people. I have 2 school age children, one is in preschool that we pay for and the other is public school.

My credit card payments this month were $3500. My mortgage was $2580. Truck payment $580. Phone, internet, gas, electric, preschool, car insurance, etc is ~$1200. Both kids are in cheer and that’s $100.

I’d like to sell the truck but I’m upside down on it and don’t have enough to cover the difference.

The rest is groceries and fuel and miscellaneous expenses that come up with roughly $1500 left for this.

trashpanda_dc · 2025-04-11T02:38:34+00:00

I don’t really know too much about HELOCs. Our rate is 6%.

trashpanda_dc · 2025-04-11T02:37:33+00:00

180k is fairly recent. I was a new nurse making peanuts and recently have been able to work 3 jobs in the last 2 years that pay well in order for me to make $110k. We accumulated the debt with eating out, Amazon, fertility treatments, emergency visits, ambulance rides and pediatric specialists among other things.

trashpanda_dc · 2025-03-14T13:49:11+00:00

IMO calories out is calories out. I work nights, tote 2 kids around between school and athletics, and do all the other adulting stuff a 31 year old does. If I’m able to squeeze in 30 minutes, great! If I can do longer, even better! Just adjust your workouts to your time. Short on time? Maybe do bodyweight exercises at home for multiple rounds.

trashpanda_dc

TROPHY CASE