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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Interest Only Mortgage Date:  9/22/2005  12:53 PM
Author:  mew5280 Number:  211179 of 312155

How about this scenerio:

- Own a home in an *hot* area that has been appreciating at a rate of 8%/year for the past 6 years.

- Will still have 30-40K equity in the home after the refinance.

- Have significant CC debt that you are trying to clear (unusual debt, due to job loss, not an ongoing problem with spending)

- Are planning to definitely move within the next 5 years.

Would it make sense then to take the interest only and use the extra $$ to pay off the CC debt?
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