Should I Borrow Against My House To Pay Off Debt?

Should I Borrow Against My House To Pay Off Debt?

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[patthetrucker]

My great aunt pawned her house to pay debt. She ran the debt back up. Now shes 75 years old frying chicken at 4 am trying to pay her house note and debt. Dont do it !

[equisader]

Really useful video. We are in same position. House paid off but small car payment. We are going all out should be paid off and 100pc debt free april or may next year. Never NEVER again!

[bartvanriel]

Paying off 36k a year on a 115k income with no house payment isn't what I'd consider having no life

[DrogoBaggins]

With that kind of income I'd say just stop with the credit spending and pay off the debt that is there. Selling the truck will probably just lead to another vehicle purchase that will put him in the same situation.

[prudencek]

If you have no mortgage payments, use that money to pay off your debt. Why would you need to borrow on your house? Sell the truck if you have to... I wish that people would realize that cars are a liability, NOT an asset. They continually drain your bank account ( gas, insurance, maintenance, etc) all while depreciating in value. Avoid car payments as much as possible people and buy an older vehicle cash.

[zenev]

He sounds like he doesn't want to sell his truck. Crazy!

[johnathanellis]

Why does the Mexican from El Paso have to eat beans and rice? 😂 Dave’s a savage!

[supercarinsider]

I’m a big baller, my Maserati’s payment is $1, 500 a month, and my house payment is $2, 900 per month; I make $8, 500. I also have $250, 000 of dental school debt. I’m such a BALLER!

[vinnyt.]

Gotta sell the car and eat beans and rice and rice and beans Stoopid!

[sunset]

I am so happy that they paid off their house. Excellent !
Now it is their choice to choke on the debt for 1 year and be free or drag it out 2 years.
Personally, i would do 1

[robertspencer]

Pay that debt off quickly for the win. Focusing on one card then the other would be the best since they are the smallest. It shouldn't take that long with that kind of income. They may want to also look at their expenses and look for small bills they don't need that are draining them of their wealth.

[thewb]

Depending on how many rooms they have and how they value privacy they can rent out one of the rooms for additional income. Maybe for 6 months to 12 months lease

[DailyWeDo]

Awesome Dave, my wife and I are out of debt because of you! We started a channel focused on relationships and just released a video about following your dreams. Thanks for all you do! WE’RE DEBT FREE!!!

[jamie]

Here is the thing.  If you are paying 18% combined on your CCs and vehicle and owe $80, 000,  if you pay that in five years, your payment is $2, 000mth and total payoff amount will be appx $120, 000.   If you can knock that 18% down to 6%, your monthly payment is $1500 and payoff total will be $92, 000.   That is a savings of $28, 000.   Tell me again why you shouldn't do that?

[sunnydays]

I would like to see the use pick up market go back to reasonable I had to get a good used minivan it 1/4 the cost for same year and millage.

[Trev]

Whenever they say "do you think it's a good idea" what comes next is always interesting

[MMA-mhuv]

Investing Hustler borrowed against his debt to pay off his house

[reneeolson]

The credit cards are high interest, so why no borrow at a low rate to pay of the debt faster?

[markg]

Sell the truck i really doubt upside down...trucks hold value well....sell online yourself. Cc debt is stupid debt....thats monthly spending you arent controlling.

Had a cc for 20 years and have no cc debt and save 50% monthly income. Some just cant stay debt free on them..weird. But agree he needs to ditch them. Problem is he mostly likely will still spend alot once debt free.

[blackceasar]

The" beans and rice and rice and beans " comments are wild. 😂