What a dilemma...
Do we pay off our debts quickly and move from a great area or stay put and accept that we may take AGES to pay off what we owe.
We live in a great area with great schools. We're renting here but the cost of living her and commuting to work has caused us to get into debt over the last year or so. We owe a lot of money which we really don't want to.
DD starts primary school in September and all the schools here are great. She has lots of friends and we're very much part of the community.
Hubby thinks we should move in with my parents for a while so that we can pay off the debt quickly BUT the schools are awful, its a deprived area and the people are just not the sort of aspirational people that we are currently surrounded by.
If we move in with my parents, then we would spend nothing on rent, council tax, utility bills etc for about 6 months and therefore pay off everything we owe - THEN we can save for a mortgage.... If we stay here, then we will pay off only minimum payments until September when DD starts school. After that, it may take us longer but we would be able to pay off the debt..
Unfortunately several situations lead to use having to borrow a lot of money on credit (20% interest!). It was a family emergency and this was the only solution at the time.
What would you do? move back in with the parents to save/pay off debt or stick it out for a couple of months longer.
Moving somewhere in between is not an option as we really need a support network around us to enable us to commute to work. Work is london, so living there is also not an option ($$££)
Has anyone been in this situation? What did you do? Are you pleased with your choice?
Thank you in advance