Good Morning Everyone, I have a "what would you do question"? We will be getting a new home loan in a few weeks on our remaining mortgage. We wil be borrowing about 42, 200 @ 6.99 * 15 years. This will take our house payment down from 505 per month to which we usually pay an extra $50 = 505 to a new loan payment of about 374+ 85(tax & ins) which we will have to pay outside of the new loan Appoximately 459. If you had these CC debts: 11,639.70 @ 5% variable 5, 298.00 @ 6.4 variable 2,150.00 @ 2.9 ( until 4/26) 875.00 @ 0% (until August) Would you try to maintain the housepayment at the same rate or would you pay the new extra money to the credit card companies? And if so.. which card would you apply to extra funds?
Go for the cards. The 6+ first, then the others. Keep in mind mortgage interest is tax deductable, credit card interest is not, unless you use them for business. www.creditsense.com
