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Mortgage Vs Credit Cards
Dj_Zola_T
Posts: 1 Newbie
in Credit cards
Help wanted???
Should i pay £2000 into my credit card to save paying interest or should it go towards reducing my mortgage. This £2000 came from an endownment payback.
Should i pay £2000 into my credit card to save paying interest or should it go towards reducing my mortgage. This £2000 came from an endownment payback.
0
Comments
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Unless your mortgage is circa 15.9% APR:eek:, pay it off your credit card.0
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This question doesn't make any sence unless your post interest rates on your card and mortgage. General rule is to pay higher APR first. I guess your card has higher APR, althouhg there are cards with 4.9% APR and mortgages with 6%+ APR.
See also Martin's article: WHERE TO START WITH PROBLEM DEBTS?0
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