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Need advice

New Visitor

Need advice

I have never been late on a payment to anything.  My FICO is 768.  I bought a $99K house last year with a bridge loan for $40K; now the loan is due.  I want to just pay it off and have no house payments.  I have $20K in a CD (which is up now, too) and $20K in stocks that I can cash in.  The big drawback to any of this is as follows:   I don't make much money and I have about $18K in credit card debt to 1 account.  Should I just pay off the house?  And keep whittling away at my credit card debt?  What should I do?
Message 1 of 4
3 REPLIES
Moderator Emeritus

Re: Need advice

Do whatever saves you the most money over the long term.
Message 2 of 4
pow
New Member

Re: Need advice

payoff your credit card, you can use the deduction from your interest rate on the home loan on your taxes. the credit card debt is just costing you.
Message 3 of 4
Highlighted
Valued Contributor

Re: Need advice

credit cards first!  The mortgage is actually 'helping' you (tax wise and on your CRs)  Make 1 extra payment every year doing that takes a 30 year mortgage to 22.7 or so.  If you can (while the loan is young) make 2 payments each month: the first a 'normal' payment, the second the next month's principal only. basically same effect - shortens how long you will have to pay.
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 4 of 4