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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Buy a house or pay off cards Date:  4/22/1998  10:27 AM
Author:  PSUEngineerFool Number:  1227 of 312185

Bottles, that was a very good response.

Another thing to consider is the costs of home ownership. There are moving costs. Then there are costs to set up the household. You may need to buy a lawnmower, blinds or curtains, tools for maintenance purposes, refrigerator, washer and dryer, and other various things. This can really add up.

And don't expect to build much equity from your loan payments. You will only pay approximately $4600 in principal over 4 years on a 100,000 mortgage at 7% interest. It will take over 21 years to reach the halfway point on a 30 year mortgage. (Isn't that sickening.)

Based on all the responses posted, it may be wise to stay where you are at and pay off the debts.
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