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Equity to clear debts
roojam
Posts: 2 Newbie
Hi all,
just a quick bit of advise or to get peoples opinions on a dilemma I'm going through.
I have had debt troubles, and coming out the other end (by other end I mean clearing a large chuck and being in a position to start paying significantly more than just the minimum payment on things). I need to move house and have enough equity to put down 20% deposit and clear the remaining debts in one hit.
is this a good idea, or should I sit tight and clear the rest of the debts? I need to move next spring/summer so will only be able to clear around half the debt by then at the most.
I'm happy to go with a slightly higher rate no the mortgage for 2 years whilst my credit score clears up, then go with lower rate.
just a quick bit of advise or to get peoples opinions on a dilemma I'm going through.
I have had debt troubles, and coming out the other end (by other end I mean clearing a large chuck and being in a position to start paying significantly more than just the minimum payment on things). I need to move house and have enough equity to put down 20% deposit and clear the remaining debts in one hit.
is this a good idea, or should I sit tight and clear the rest of the debts? I need to move next spring/summer so will only be able to clear around half the debt by then at the most.
I'm happy to go with a slightly higher rate no the mortgage for 2 years whilst my credit score clears up, then go with lower rate.
0
Comments
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Continuing to pay down and reduce your debts. Will improve the view lenders of you. Minimum payments to credit cards are now flagged on CRA files. This is a clear indication of stretched personal finances.0
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