Rebel not my place perhaps but consider public schools for your kids?
Instead of paying the c/c's back 2.5% a month - just stop paying them.
Then when you get phone calls tell them you need an arrangement, and all you can afford is $25/month.
Ideally you let the cards go into default by getting at least 3 months behind first - because then the interest stops. No more interest, ever!
You can stay on that $25 per month per card indefinitely, whilst you use that $4k a month you were paying on credit cards to save and invest (not in more PNO...)
Another bonus is once you are in default they will generally accept 50c or less in the dollar - so really you are only in $85k debt, with monthly repayments of a few hundred.
That doesn't seem half as bad does it!
What's the catch to this way of getting out of it?
You get a few default listings on your credit file. That's it! And they are automatically wiped after 5 years anyway, gone for good!
You already have a house, what good will a clean credit rating do you for the next 5 years?
On top of that, if you want to borrow money to invest in shares you don't even need a good credit rating! Margin loans/CFD's etc (once you genuinely know what you are doing in that area)
So let's see - saving $3500 per month, plus say another $1500 per month in private school fees... in 18 months you'll have more than enough money to offer all you credit card companies a settlement offer which they will definitely accept.
From where you are now to debt free (aside from the mortgage) in 18 months from today... just by temporarily giving up private schooling and your clean credit file (if it is clean... if it's not you have even less to lose...)
And that's not even taking into account interest or investment gains on that $5k a month... realistically you could have zero credit card debt by next Christmas.
