Is a Debt Consolidation Loan the way to go?
Hello! I am seeking some advice on what to do next to pay off debt.
I have the following debt to repay and I am now getting stressed out because while I can make the minimum payments fine, I do not want to live with this forever:
- $28,470.81 (from vet bills and seniors care payments) - 21.99%
- $12,494.02 (to help my mom) -12.45%
- $8,746.32 (from a vacation I should not have taken but really enjoyed so I do not completely regret it) - 13.99%
- I have another card but the limit is $1000 so I will not include that here and I also pay that off in full monthly.
- I also have a mortgage ($3159) and line of credit payments on the house LOC ($1924) monthly. LOC is due to my mom taking money off of the house.
I do make enough money to pay the minimum payments comfortably. However, I do not want to be in debt as I get older. I am 30 now and want to attack it.
All my major debts are with one bank, CIBC.
I have a few options:
- Have the equity from the home pay off the debt. This would require my mom to agree and she did not 3 years ago.
- Sell my home and have the proceeds pay off my debt. This seems like a stretch.
- Debt Consolidate. Issue is that mortgage is up for renewal so this may not be the best idea prior to that.
- As for the first card to be converted to a select card at 13.99% first and see how that goes.
I am at the point where figuring out what to do has become stressful and is providing me with anxiety. Coupled with the fact that budgeting with senior dependents is not the easiest thing to do, I feel like I cannot process my best options and make an informed decision no matter how much research I do.
Any advice on how to move forward would be so helpful and thanks if you took the time to read this.
EDIT: My mom and I both own the home.