<prompt> Human: Im gonna keep this brief and to the point because the situation is embarrassing, but here we are. 200k annual income. 160k debt, not including mortgage. Home equity is about 135k. We are considering selling our house and paying off all but 50k of very low interest debt. We would free up about 10k per month getting rid of this debt. Yes, I know its ridiculous. Thats why were thinking of doing this. Plan is to rent for 2 years, save up for down payment on some land and build a little house to suit us in our golden years. The reason we are thinking of doing is this is because the debt and all the interest we pay is crushing us. We literally have nothing left over at the end of the month. And its not going to get any better any time soon. We make a lot of money. We simply have more debt than we can handle. We want to start fresh, and believe that with our income, we should be able to recoup the lost equity in a few years.Thats the plan. Please tell me what you think of it.  <response>: I am actually in almost the same situation as you. Here is what I have done so far. Started off with 183k in non mortgage debt, 170k in mortgage debt, and 170k salary. In about a year and a half I have brought that 183k down to 99k. First thing to do is sell. Sell useless junk you dont need. Get rid of large ticket items. I sold a boat and lost 1400 on it, but I also got rid of a 26k debt. I sold a car and lost 700, but got rid of 12k debt. Right now I am selling the house and using the equity of 30k to pay off debt and moving into an apartment. We will get debt free then save for another house.Cut costs on stuff you dont need. Cable, Coffee, Lunch, whatever.Do a budget if you dont already. This is priority. Both parties need to be involved and understand where your money is going. Cut anything you can. Downsize vehicles if you can. If you drive a 30k car and can get rid of it for a 10k car, do it. It may not be worth it if you owe a small amount, especially if you have negative equity.Choose a paydown method. For your position I recommend the debt snowball method. You pay debts by the lowest owed instead of by lowest interest. This method helps you get rid of debts and free up monthly payments to put towards the next smallest debt. You may pay more interest in the long run, but you free up more monthly capital and it also encourages you as you get rid of debts.Retirement - Ive heard to cut it entirely until you are out of debt. Personally I only contribute up to my 3 match and the rest goes to debt. I will increase this once Im debt free.I wish you well in your endeavor, but I do have to tell you it will suck. One final thing I can recommend is copying your budget and removing all debt other than a houserental payment. This lets you see just how much money you could have available each month and for your income it will be staggering for you to see. 