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09-15-2020, 02:03 PM #1
Question about selling house and paying off debt
Hello! This is my first time posting here... so I hope I'm in the right place
My wife and I have been discussing moving into a larger house. She is a stay at home mom and I bring home roughly $5,000/month. We have about $6,500 total in debt currently.
We've been talking about it and we aren't sure if we should pay off the debt FIRST and then buy a house or sell our house NOW and use the proceeds to pay off debt and put a down payment on a new home. Our house is worth about $180,000 and we owe $55,000.
We are just wondering what is the wise financial move in this case. We want to move just wondering about timing.