wwyd...tax return $

would you use it to pay off a credit card ( we have one that the return would cover..its tuiton ) or would you put it in ing for the downpayment on a house? we are thinking it would be better for the downpayment since we plan to buy in the next few months...but it would be nice to pay off the cc. although we will be able to shortly

eta: i will most likely not be listed on the mortage being im a sahm and have student loans...so if we have this credit card it wont affect us getting a mortgage

Message edited 3/11/2010 12:59:43 PM.

Re: wwyd...tax return $

I'd pay off the credit card. Having cc debt would drive me nuts.

Re: wwyd...tax return $

I would probably pay off the CC debt. Having no debt is more important to us. After you can put aside the money you use to pay the CC and put it in an ING.

That's what we did. I paid off my CC debt when they were offering 0% interest for a year (too bad they no longer do that). Put aside money every paycheck to pay it off and it was paid off in 2.5 years (we opened a new 0% when the year was over). Now we take that money since we were doing fine without it and put it in the ING. JMO

Re: wwyd...tax return $

I would pay off my CC debt before taking on more debt in the form of a mortgage, without a doubt.

Re: wwyd...tax return $

credit card, unless you have a very, very low interest rate or a zero rate.

Re: wwyd...tax return $

DH and I are in a similar situation. We're using it to pay off the cc, so we don't have it looming over us.

Re: wwyd...tax return $

I would save the money if you will be able to pay off the CC before you buy a house. if not, I would just pay the card off. it won't be easy to have amortgage adn a cc payment together.

Re: wwyd...tax return $

def towards the credit card

Re: wwyd...tax return $

Re: wwyd...tax return $

Credit card debt, no question. Unless you're going to earn more money in interest with ING than you'll pay on the credit card, and these days that's unlikely.

Re: wwyd...tax return $

Definitely the CC. The money you pay for it each month can then be banked into your savings.

Re: wwyd...tax return $

Pay off your credit card.

Then, I would change my witholdings at work to get more money in each paycheck (and less of a refund at the end of the year). That way, as I get more money throughout the year, I could pay for things as I purchase them and not have to accumulate interest.

But that's just me.

Re: wwyd...tax return $

pay the credit card debt- the interest rate on savings account is so ridiculously low and its so high on credit cards

you can then take the money that you would have paid monthly for the credit card and put it into savings

Re: wwyd...tax return $

Posted by melbalalala

Pay off your credit card.

Then, I would change my witholdings at work to get more money in each paycheck (and less of a refund at the end of the year). That way, as I get more money throughout the year, I could pay for things as I purchase them and not have to accumulate interest.

But that's just me.

Re: wwyd...tax return $

Pay off all CC debt first, it is carrying a high interest rate I bet.

Re: wwyd...tax return $

I would pay off the CC. I'm sure your interest on the card is way higher then the rate you will earn in an ING account.

If you put the money in an account with a lower interest yield and pay higher interest on debt you have, you are actually losing money by trying to save it.

Re: wwyd...tax return $

how much is the interest on the cc?

how much interest will you be getting on the mortgage?

if you really think you'll be buying very soon, then put the money towards whatever will have the higher interest rate. if you'll be waiting a while, pay off the cc.

Re: wwyd...tax return $

Posted by babyin08

Posted by melbalalala

Pay off your credit card.

Then, I would change my witholdings at work to get more money in each paycheck (and less of a refund at the end of the year). That way, as I get more money throughout the year, I could pay for things as I purchase them and not have to accumulate interest.

But that's just me.

we have the money in our account to pay for the credit card...but people told me if you pay a little more than the min it builds your credit better than just paying it off i now know this is not true. we never use credit cards so its not a problem...everything we buy we use cash/our debit right from checking