I need financial advice..?

A

Amy A

New member
I have 22,000 in credit card debt, (maxed out -also really harming credit score - it's bad) monthly payments of about $450.
I want to get out of this debt, but can't afford more than the minimum payments.
I have a property I am renting out. I can only get $1400 a month rent and the mortgage is $1800 a month.
I have been contemplating the following options:
1) Keep all as is and try to put every extra penny into credit cards and pay for a number of years
2) Sell the rental property, ridding my self of the $400 difference I am paying on monthly plus use the equity (which is about 17k) to get out of credit card debt - saving me $850 a month - OR - keep it and hope it really goes up in value over next 10 years and rent goes up to cover full cost in ten years
3) I have $30,000 in 401k - get all the money out, pay off credit cards, which will in turn raise my credit score (as they are maxed out right now), try to refinance the rental for a lower rate

What should I do? Any other ideas?
Thanks!
 
1. Sell rental property
2. When you sell the property take the difference between what you owe and apply that to your CCs
3. Not that this is a good idea take a loan oagainst your 401k for difference of what you owe on your CCs I assume your 401k is with your employer if it is your repayment is usualy pretty low weekly payment check with your employer for sure.

4. Than if all your CCs are paid off close them maybe keep 1 strictly for emergencies one with a low limit and low apr
 
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