tuxcatluvr
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It depends on how deep in debt you are and how bad the house needs the maitenance. If the maintenance is really needed badly then get it done. As far as upgrades wait on that til the cards are paid off. Best way to get the cards out of the way is to make the minimum payment on the larger balance ones. Pay off the smalles balance one first. That card will basically melt away and have a zero balance before you know it. Then go to the next smallest one and dissolve that one quickly. I did that and i went from 15 debts to now only 3 debts in 2 yrs. Now i dont pay alot of interest which you can better spend on upgrades and maintenance to your home. |
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bigleybill
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Absolutely !! Getting out of debt should be job #1 today for everyone. The upgrades can Waite. |
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The Professor
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Absolutely. Number one priority is always paying off high interest debt |
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Duane
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Normally the answer would be yes, but you don't say how much debt you have. Do you have the equity in your home as it currently stands to make repairs and upgrades? An equity loan from your home is tax deuctible as far as costs and interests go and if you cay pay off your debts and do some upgrades, this would be the way to go since interest rates have dropped.
As long as your not to overextended or upside down in your mortgage! |
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bmi=22
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I concur with The Professor: Yes! |
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heybulldog
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Yes. Then save up and pay cash for the upgrades.
Stay away from home equity loans. Your goal is to pay off you home not add to the debt. You put that money on you home and something happens and you cant make the payments. The Bank will come and take your home.
Debt Free is Definitely the way to be! |
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Suntan
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Are you kidding, of course living debt free would not be easy for you? Paying high interest on cr card debt is something you need get rid of as soon as you can. Please do that for your own sakes |
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Gayman
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yes i believe you should wait before doing ne more, if your trying to get out of the hole by paying off your ccs, then really dont go out and do work on your house of that extent, untill your finacially secure and not having to worry about ne surprise bills popping your way. |
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Joe D
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1st I would have to start by asking do you have the money to do either one?
Reveloving debt is important as to what others may say. The "credit game" If you pay off all your credit cards and do not carry any ballance it could actualy hurt your credit rating. Yes !
Credit Agencies want to your credit active and being paid on time, you get rewarded on your credit score.
Here is my recommendation, lets look into a new mortgage loan were you borrow enough to pay off the credit card debt and perform the upgrades / repairs to your home. The total intrest paid on that loan now becomes a tax benefit. The total monthly payment could perhaps be lower, depending on the rate and term. Keep your credit cards open, charge on them and now pay the ballance of each month. Its a Winner :)
Joe Dovarro
htttp://www.RefinanceHomeLoan.com |
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Gottaloveher
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Why not just refinance in order to make home improvements. You might also be able to get a better finance rate. |
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