nebula
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Oh for the love of god, get rid of the first debt before adding more. |
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cvawt
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A lot would depend on how much of a house you could afford and the state of your finances. Even before the questions below, I would ask if you have set a budget before/since your husband got a good job. You need to see where you are financially.
1) Do you have extra money left over each month after paying all your bills?
2) Do you have good credit scores? If not, it may make sense to spend 6 months working on improving your credit scores and paying down debt first (use myfico.com its great to check credit reports and for advice on the message boards).
3) Are the cc's maxed out?
4) How much of a house can you buy in your area for roughly the same as your rent payment? (Keep in mind you would have to add Taxes/Insurance to that number- about $300 month total in my area and possible PMI as well)
5) Are you paying the minimums on the cc's or more? Can you afford to pay more?
6) Do you have any additional savings to cover closing costs, etc.?
I think owning a house is one of the best things I have done. It makes me feel good to know I have a place of my own (even though I had to stretch my budget initially to get it). If you can adjust your budget to afford it and still work on paying down those cc's (at least twice the monthly minimum payments) then go for it! make sure to spend some time figuring out what you can and can't afford. Don't try to get too much house.
Oh, and good luck with whatever you choose! |
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setter505
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pay the credit cards first. check out Dave Ramsey he does financial peace university it is a great course. |
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Hans B
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Well if his job is really good then it shouldn't be a burden to pay both, so I'd go for the house, but if you think you might be struggling, pay off the cc debt first. Just make sure that your house payment isn't too high BECAUSE of your cc debt. Also, considering the housing market is predicted to keep falling, you could probably wait a year and a half and save loads.
Now, assuming you are ready to buy a house now, one would assume you had at least a 20% down payment (or else you wouldn't really be considering buying a house right now, becaues no bank will look at you seriously without that) you could use that to pay off the cc debt and build those savings back up over the next two years to buy the house.
Good luck. |
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$keeter
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i would wait until ur out of debt, before u get the house, because what if something happens and ur husband can't work or something else unexspected happens...... |
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teresathegreat
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There's good debt and bad debt.
Good debt is an investment, like a house or car - you may owe a lot of money now, but you'll end owning something that has value.
Bad debt is debt that keeps on growing and doesn't gain you anything, like credit card debt or payday loans.
Focus on eliminating your bad debt (pay off the credit card and never charge more than you can afford to pay off in full each month) before you even consider taking on a mortgage. Your current bad debt will make it hard for you to get a good rate on a mortgage, and if the bad debt gets out of control you might not be able to pay your mortgage and you might lose the house you've worked so hard for! |
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Mrs. Kitty♥
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Take care some of your debt first . Then think of getting into more debt. You dont want to add stress to your life. More that is. |
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Don
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Get rid of your debt first!
Do not get in over your head, it's not worth it, it makes life miserable. Bare down, cut back and get that debt paid off. Then you will be in better financial shape to qualify for a house you will really want.
Good Luck. |
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fighterace26
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Get rid of the card. then buy the house. |
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GIGI
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get rid of the credit cards first...put money aside *like an emergency stash* in case...of anything.. is life things come up.. and you should look into rent-opt to purchase..a lot of sellers will give you 6 mnths to 1 year with that option.. you just have to look around slowly and see what is best for you and the pocket.. good luck! |
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amr
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I say get a house. You are making payments reguardless you might as well be making them toward the purchase of an asset and something that will be valuable in the future. Our mortgage payments are less than we were paying for rent......Something to think about!!! |
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Carrie H
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I wouldn't want any more debt.
I would pay off the 15000 first or at least lower it to at least 5000 or less. |
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imtgonline
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As a mortgage professional, I recommend that you reduce your debt which will enable you to qualify for a better rate/term on the mortgage as your debt to income ratio will be in a better position. |
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The Professor
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If you said you had $3,000 of credit card debt, I would probably have said look into buying a house (as you are already paying rent). But $15,000 is an insane amount of credit card debt to be carrying. Work on paying down the credit card debt and once you get it down to about $3,000, then start looking into buying a house.
Good luck! |
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carolynjlalena
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Try paying off your cards first. Buying a home is also a debt and possibly a larger one than renting. |
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sammy1030
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If you are already paying rent then why not get the house. Just dont get a morgage payment to high that if god forbid he loose his job you wont be able to still afford it. You should also check into getting your taxes and insurance escrawled into the payment. Dont stop paying your credit cards you will end up in over your head.. |
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