MY VERY FIRST HOUSE AND I DONT KNOW WHAT TO DO!??!

[Steven Lemoine]

HELLO EVERYONE!!  this is my very first post, and it starts with a question... Should I sell or rent my home? Currently I own a ranch style home in Springfield, MA. The neighborhood has gotten less safe since 7 years ago when moved in. I owe ~85k on my mortgage and the home is valued around 189k. So I'm wondering should I sell the home and payoff all the rest of my debt ( credit cards, 2 vehicles, personal loan for bathroom remodel, etc.) and start fresh, or should we move and try to rent the home?

[Chris Coleman]

@Steven Lemoine this is my advice...the debt you have is not good debt. Credit cards, auto, personal loans, etc, are all cash draining debt. They cost you money every month, year after year. Good debt is only if it makes you money, like a mortgage on a rental house.

If you have that much debt, I believe you would be in a better position if you sold the property and paid off those debts. Then start saving or house hacking to invest in real estate.