Trying to figure out how to handle debt and retirement plans. I’m at a complete loss!
We have never planned to pay off our house. We’ve only ever wanted to have enough equity in it to buy/build something smaller in an area with a much lower cost of living. We already own a piece of property there and we have about $120k of equity in our house. We can afford a small mortgage if we need it. I’m certain that we can make this part happen the way we want. We will have a pretty good retirement income and a 401k that we may not have to touch.
The problem is that we are currently carrying far too much credit card debt and
I don’t know the best way to get rid of it.
Does it make ANY sense at all to use some of the equity in our home now to pay down the higher interest rate debt before we move on?