Should we sell or refinance?

[Guest]

It isn’t so much that being in debt helps your credit rating, but if

you are capable of paying your bills on time each month, that helps

your credit rating.

As for the house… well, if you feel it’s more than you need, and

yu want to downsize the house and the debt, it isn’t a bad idea to

at least look around at some houses, and see what the market in your

area is like.

In most ares right now, it’s a buyers market- which means that the

buyer gets the better deal, not the seller. Now, that’s great if you

are just buying a house, but in trying rely on selling your home

first, you may have problems.

However, some areas are no having the same problems, so you may have

an easy time selling.

Good luck!

— In Budget101_@yahoogroups.com, “jillinole” wrote:

>

> I don’t know if this is the place to do this, but mods will delete

if

> it isn’t. We have about 30% equity in our house. It’s a little

more

> house than we need, although it is nice and in a nice area. We

also

> have $30K in consumer debt, outside the remainder of our

mortgage. We

> live on one income ($45K). We could move to a less expensive

house in

> the area and pay off the debt, or refinance and ride this horrible

> house market out until it improves, not being able to save

anything

> and still have debt. The irony is that we have excellent credit

and

> fico score. It’s almost as if being in debt helps this? I guess

if

> you always pay your bills, it’s all good…at least that’s what my

DH

> says.

> Anyways, I realize this is just an opinion, not expert advice, but

> what would you all do?

> thanks!

> jill (newbie)

>

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