Thanks all and yes some great suggestions and as I stated in my original post I wasn't inviting lectures but looking for practical suggestions.
This CC debt has accrued not from plasma TV's, luxury appliances and designer jeans. The vast majority is left over from a situation I found myself...
I used a couple of online calcs to estimate selling and buying something similar. Not far off 30k when its all done. Dont think I should rush into selling if I can find other options
Evand that is exactly what I'd like to do but as I have been stuggling so much the last 6 months to keep on top of things the loan history isnt too flash. Although the loans are all up to date there has been a couple of bounced payments when money hasn't cleared in time and a couple of deferals...
Thats really interesting TerryW. Don you do this sort of thing for a living or was it just a one off for a friend?
MikeC definitely thinking of more property but there is no way thats going to happen until I can tame this monster
Hi Aaron C.
IP 2 is essentially my PPOR but I rented it out a little while back to try and get on top of things but still not getting anywahere in real terms.
The rent from 2 properties:
1. 370 pw
2. 470 pw
Not married, no kiddies
Billy
Thanks all for your replys and thoughts. It helps just to get it out there and get some other opinions. I am leaning towards selling I think. The grief associated with this is not worth it I think.
Michael C what was the other financial you were enquiring about?
Billy
Hi Tess and Terry,
The debt has accumulated over several years, is over several cards and has accrued for a variety of reasons most of it property related some renos etc.
Its a crap situation. You both think it best to bite the bullet and sell rather than refinance?
Billy
Hi,
New to this forum but I have a problem and would welcome some feedback and hopefully no lectures.
I have 2 IP's
1. Val 380k borrowings 350k
2. Val 440k borrowing 295k
I also have a credit card debt of 63k..ouch:mad:
I work full time and earn around 86k p.a + super but the CC...