paul67337
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have cash on hand. you never know when an emergency or unexpected repair will happen. |
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stumble_bee
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Provided the monthly payments on the property wont affect your ability to pay your credit cards monthly, you may benifit. You may be able to get a 2nd mortgage at a lower rate than what you are paying on the credit cards and the interest is usually tax deductable. You also have to look at how much the property value would be expected to increase over a few years, if you are looking at the property as an investment. In a couple years you sell the propery, your credit cards could be paid and have cash in your pocket. |
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paanbahar
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Always good to have cash available to take advantage of opportunities. But consider this---give yourself a time limit by which you will find a way to invest the cash--maybe 12 months. Because cash has a very low yield, and you cannot deduct credit card interest. |
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fatsausage
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Pay off the credit cards.
If a really wonderful opportunity comes your way - you have the credit to grasp it. |
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Eddy
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I would pay off the credit cards. |
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freelopo
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Well.... depending on how many Credit Cards u got to pay off... (ex. 1 to pay off.. ) u can pay ur visa debt off with ur mastercard, then repeat
Really, you should pay off the credit cards, because it says "CREDIT" which means not paying it could make you lose this propery you want to buy |
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bigtime58
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Pay off all your debt before purchasing a home. Purchasing a home will add to your debt, besides the mortgage....keep some cash, but save money by paying the credit cards... |
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johnnyinsnj
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Too bad money doesn't come with an instruction manual. If you go to buy a house/property they're gonna do a credit check on you anyway and see everything you owe, so all that cash in hand won't do you any good if people see you have a lot of debt. |
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stalker77504
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try and pay some of the credit cards of first, it will benefit u in the furture. |
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old biker dude
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you want a low debt ratio when applying for a home loan. |
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cocogallas
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It is best to pay off your credit cards. Eliminate the interest. Then once they are paid off create a savings plan and place the monies that you were paying off your credit cards into a nontouchable savings account. Once your credit is cleared up find a FSBO and buy it with very little down and make the payments. Then you will be set up to flip the property take the equity and reinvest in a nicer one and so on. It takes time but you are not flushing your money down the Credit Cards toilet. |
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rwebersolutions
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Invest in a home business you can work part-time, earn more income use it to pay off credit cards. ratio will be better if your income is more. check out my 360 and if your interested in my home busniness call me. |
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jonyboy26
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keep cash |
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