We are almost done building our house and we had so many overages. We are over at least $30,000 and we aren't able to cover all of it. I don't have final numbers yet but I'm pretty sure that we won't be able to pay it all. We've been using our credit card to purchase different materials and have always paid it monthly. Right now it is at $11,000 and we don't have the money to pay it. We are in over our heads and I just hope we make it out okay.
I am very uncomfortable with debt and I don't like being in this position. We knew that we had went over in certain areas but it just kind of seemed to be inevitable. We do have good cash flow and will have to pay it off as soon as we can.
Another option would be to take out a home equity loan after we close on our final mortgage which is planned for September 12. The interest rate for the home equity loan would be 4.75% which is far better than any credit card.
For good news, we locked in our mortgage at 3.375% for a fixed 30 year loan. I will give more details about our mortgage in a later post.
How did we get ourselves into this mess? I'm super stressed about money.