Jon S
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Pay off your debt. |
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shirley&clyde h
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first pay off your debts and put a down payment on a house that way your debts are clean |
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patj773
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first of all i would pay off all of my depts.then you can start to look for a home but this way you owe nothing and you credit score will be great |
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missyofallainhouse
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Before you would be able to put a downpayment on a house, you would have to get your credit down (if it is sizable). My advise is to talk with a mortgage lender and see how much you would need to pay down on your debt before you could get a mortgage approved. Spread it around a little. |
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Steve G
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I would use a few hundred dollars and go to a financial planner. He/she can gage what type of spender/saver you are and put you on a plan that makes the most sense. I am NOT a financial planner, but I invested some $$$ recently and did for myself what I am suggesting for you. It really made me take a long look at my spending habits. You don't want to be back in debt in a year. An inheritance is a special thing. I would invest in some knowledge first, then figure out what do to. Good luck! |
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bob
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This is what i would do.....
pay off your credit cards..........and put exactly how much you were putting towards your credit cards into an investment account......DO NOT GO ON A BUYING SPREE for junk, or whatever.
If you are trying to buy a house, put the bulk of the money (if there is any, after the credit cards) into an investment with a 6 month, or 12 month, or whatever time frame you plan to buy your house.
DO NOT UNDER ANY CIRCUMSTANCES GO AN A VACATION, BUY A CAR, A BOAT, A MINK, A MOTORCYCLE, OR ANY OTHER JUNK!!! |
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ELAINE C
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pay the debt. |
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Norman T
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pay off those high interest credit cards they will ruin your life |
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Amanda H
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Debt first. It's silly to buy a house if you are still paying on things that you dont even know what you bought (credit cards).
Then use the remaining for a down payment. By paying off your debt, you're freeing up a large amount of money each month. use THAT money to invest every month in either mutual funds or a savings account.
I suggest reading Dave Ramsey's total money makeover. He establishes priorities for this stuff that make perfect sense and help you not only get out of debt, but build wealth!! |
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Fan Of Shinoda
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You should pay off your debt, if your house is sufficient for living comfortably. If not, buy a house, although I recommend paying off your debt first so your credit rating won't go down much. |
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crzyaltego
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pay the debt off first- this will allow you to get a better rate on a house- plus credit card rates are too high to continue paying all that interest. |
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Jay
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First, if you have anywhere near $50K in credit card debt, you have a problem that needs to be solved. (By problem, I'm not making a personal attack... simply saying that $50K in CC debt is HUGE and it going to be a major problem for you)
Pay it off. No question. You won't be able to get a mortgage if you're really $50K in debt, anyway. |
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dewmeister
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There's such a thing as "good" debt (e.g. house, which you can tax-deduct the interest paid on mortgage) and "bad" debt (e.g. credit cards, which is high-interest unsecured debt).
Pay off the credit card in full ASAP! You're probably paying double-digit interest. That's just money you're throwing away in interest payments. |
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Brainiac
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Go for the house - it's a buyer's market |
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Natalie M
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wow, I would love to "worry" about this one. lol
A 20% downpayment on a $150,000 home is only $30,000. You could get a home and invest some, and pay of your debt (depending on how much you have).
$30,000 for the downpayment
$10,000 in investments
$10,000 to pay off your debts
That's what I would do. =) |
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ladyluck
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invest i mean if its not enough for ur debts pay the amount taht will keep the debtor quiet take the rest to a fixed deposit account let it grow then slowly start paying your debts off remember to tithe |
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GRUMPY1LUVS2EAT
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Ask an investment counseler. Find one in the Yellow Pages on Yahoo.com |
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pattibcacl
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Pay off your debts then put money some money on a house what ever you do I,m sure it wil be the best for you good luck |
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sanguinehuman
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Pay off your debt first, invest the rest.
If you have bad credit, your interest rates will be real high, if you can get a loan that is.
I doubt you will be able to buy a house in its entirety with 50K anyway.
Your debt will drown you. Take care of it first. Invest the rest for later. |
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nalla
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Don't kid yourself...your just gonna blow it... |
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FaerieWhings
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How far in debt are you?
You can't get a mortgage if you are in debt.
50k in debt, wow. |
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JC
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If you are living some where right now then pay off your credit debt. Then start saving money for that house.
-The next Michael Jackson |
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fizzents
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I would pay off all my debts and save the rest to gather a 20% deposit on a house.
I would not buy a house now, since it is not a good time - the market is still slowing down.
Also, just imagine if you have to pay $1,000.00 in debt every month - now you can breathe easy and save $1,000.00 every month.
You also save all the interest charges by settling your debts in one swoop. |
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ski_mgf
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INVEST IN THE STOCK MARKET!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!... The Dow and Nasdaq are very low right now. NOWS the time to buy. If you let your money sit in certain stocks and wait till at least december 2007 to take them out.. you should make at least 25% on your money. A good show to watch to learn how the market works is Jim Creamer on CNBC!
Hope this helps.
BOYAH |
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