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
I work full time and earn around 86k p.a + super but the CC is killing me and cant get on top of it. I have only been in this job for 3 months.
As I see it my only two options are to (1) refinance IP 2 with some sort of split facility and pay off all credit cards then put my head down and try to reduce the split part of that loan or (2) sell investment property 2, pay off cards and start again. Down side here is that the market has headed south in that area and definitely not a good time to sell, would be lucky to get 440 even though a val a year agao was 460.
Its an aweful situation I know and I am losing sleep. Not sure the best way to go.
Any advice or thoughts on my situation?
Billy