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Should I sell my house if I am in debt?
When I purchased my home nearly two years ago I had about $8,000 in debt. Now after some unexpected home repairs and just plain poor spending habits, I am nearly $30,000 in debt.
If I sell my condo I believe I'll make about $10,000 off the sale. Should I sell this money pit and move back into an apartment in order to pay down my debt? |
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You, like most of us, will likely be in debt nearly your entire life. Selling will still leave you 20K in debt and your apartment rent may only be slightly less than your mortgage. Put yourself on a budget and cut up the credit cards. If things are too dire get a second PT job. While you are paying down the debt you will build equity in the condo. If it's a 2 bedroom take in a roommate.
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