Americans are drowning in debt, with 46% holding credit card debt, 42.7 million with student loans, and 61.2% with mortgages averaging $300,000. Jerome and Alex, facing $250,000 in mortgage debt and $100,000 in other debts, struggle to save for their future with an annual income of $70,000. (1)

Jerome considers selling their home to pay down debts and save for retirement, but it’s a risky move. In Indiana, selling costs are low, but after factoring in their debts, they may have little left. With disciplined financial planning, they could potentially save more by keeping their house.

To tackle their debt, Jerome and Alex could consolidate student loans, transfer credit card balances, negotiate repayment plans, sell a car, look for additional income, and cut expenses. Following a structured plan like Dave Ramsey’s 7 Baby Steps could help them achieve financial stability and save for the future.

Read more at Yahoo Finance: We owe $250K, pay $2K a month, and still have $100K in debt. Are we kidding ourselves by keeping the house?