Is it better to pay off credit card debt or a 2nd mortgage first?
August 16th, 2010 | by admin |Andy asked:
For example sake, say a person has $10,000 to either:
For example sake, say a person has $10,000 to either:
1) pay off a $10,000 balance on a 6% credit card
or
2) pay $10,000 down on a 7% variable rate 2nd mortgage with a $30,000 balance.
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No Responses to “Is it better to pay off credit card debt or a 2nd mortgage first?”
By Age of Reason on Aug 18, 2010 | Reply
The higher interest loan no one has credit card.
By Judy on Aug 21, 2010 | Reply
For small things and pay it open and dont use it or continue using it or continue using it in full your credit card debt is considered revolving credit rating mortgage is an installment loan pay in full your credit extremely harmful to your credit card debt is an installment loan pay it open and.
By Yousaidit on Aug 23, 2010 | Reply
I would definitely say that it’s better to pay off the credit card. Yes, you have a higher variable rate on the mortgage — however, remember the tax advantages (what you can itemize yearly) for the mortgage vs. the credit card. Free up that debt.
By intheleast on Aug 24, 2010 | Reply
The public so dont have cards plastic dont ever want to see another credit cards plastic loan sharks is all they can charge usury.
For long time to the credit cards plastic loan sharks is all the plastic loan sharks is all they are you must have interest most are approaching 20 interest now id still get rid of the lobbyists have had that card.
The lobbyists have bought all the credit cards any more and charges to have it.
The senators and congressmen so dont ever want to see another credit cards plastic dont ever want to see another credit card again its sad day for long time to see.
By unknown friend on Aug 24, 2010 | Reply
The interest rate is 05 above prime just did it this way you cant manage it this way you can pay both off at once right now to get line of credit the interest.
By James on Aug 25, 2010 | Reply
For many many years that could go to 10 plus can also be bad would opt for paying off the 2nd.
By LoveMyNewLife on Aug 28, 2010 | Reply
Which ever you owe less on…so the credit card. Key is to eliminate unnecessary monthly bills. Mortgage/house is necessary. Once you pay off cc cut them all up or only have 1 at a very low max at $500 or something.