Hey y'all. Just wanted to get some advice from everyone on here. am 34 years old with a 150k salary. Recently my family and have made bad decisions and racked up about 150k in debt ranging from credit card debt to auto loans. We are living pretty much paycheck to paycheck because of all the interest and it's starting to get overwhelming. After much thought l've come up with a plan to start fresh to remove all this unneeded stress. We currently have about 200k in equity in our home with a 4% mortgage rate. I've recently spoken with my mortgage lender that said they can do a cash out refinance to pull out 150k with an interest rate of 3%. This would basically allow us to start from scratch as if we bought a new home with absolutely no debt. I've cut up all the credit cards and my wife is in agreement that if we do this, we live as frugal as possible moving forward. Please let me know your thoughts.
Submitted November 11, 2020 at 08:29PM by freshstartlifer https://ift.tt/38zfSnX
