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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 311495|
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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