We used 1.2 million line of credit 98000 to do major improvements. But now, about 700 U.S. dollars a month, only interest payments. My husband is full of hope that we also have a savings account funds in emergency situations. I think we should dump the family assets and liabilities of any extra money, will gradually reduce our debt and amounts paid. Then, if we have the day we will have an emergency situation can be from a home equity loans. How do you think we should do? I have a fairly large credit card debt for home equity?
Line of credit to pay for, very comfortable, but also saves you money, the monthly part of it. For example, if you are willing to send in the monthly 1000 total and then send 900 and savings down 100. ING Group has a minimum balance savings account rate of return does not provide or receive 4.5%. Of course, you will not be interested in becoming a millionaire is the case, but at least what it is.
I agree that this is no reason to pay your credit limit of 8%, while income in your savings account for 2%. That is, as long as you have a certain credit for some reason can not get close to you, you want to reduce the credit limit. You will save money in interest, hoping to begin paying your credit limit.
It feels very good, put more money in home equity loans. I do not like to see debt.
Decline in interest rates recently, it might even sense to refinance and roll into a new first mortgage line of credit. I thought, even if you rate Prime + 0%, you are still 8.25%. 1st mortgage interest rate is 2.5% less than the present right to
Tags: credit debt, home equity