Dear Debt Adviser: I am considering refinancing my mortgage. My plan is to take out cash to pay off my $80,000 credit card debt, which is more than the $63,000 I owe on the house. I can easily handle the new monthly payment. With the savings from not making credit card payments, I can make additional payments on the mortgage principal. My current mortgage has 11 years remaining, and the new mortgage would be for 15 years. So in other words, I'd be paying my house off in about the same time frame, anyway. Would this be a well-advised move? -- Robert
Dear Robert: Eighty thousand dollars on your credit cards? That is a huge amount of debt. Before you do anything, I want you to seriously analyze how you acquired so much debt. You must be sure that you can live day to day without racking up another $80,000 in new debt after any refinancing.
Read full story
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment