Selling home, making a profit – better to pay off credit card debt or put money into new home?
I have some credit debt left and I’m wondering if I should place the extra money I make from selling my home into the new home I’m purchasing or if I should go ahead and pay off the credit card debt. What is a smarter decision?
Just wanted to state I’m not late on my credit card bills, just wondering if I should go ahead and pay them off in full right away
Have you lived in it for at least 2 of the last 5 years? If so, there’s no capital gains tax from the IRS, and the money is yours to spend as you wish.
Glenn is correct – This all depends upon what you’ll do with these newly cleaned up credit cards….. It’s a falacy that people can get out of debt by placing all their credit card debt onto their house. They usually run up their cards again in a few years and are then worse off than before.
Put the money to the house. Start paying EXTRA to your credit cards. Start cutting up your credit cards. Then start sending extra to your house.
FREEDOM!!!!!!