Comments on: Should You Pay Off Your Mortgage or Credit Card?

By: Belinda

Belinda — Fri, 05 Mar 2010 22:20:47 +0000

Credit cards debts are short term debts that need to be settled first, therefore if I have extra money, I will use it to pay off the credit cards debts first.

No doubts credit cards bring us convenience. One can buy things by swapping the cards, therefore if one is not careful in spending, it will lead to overspending easily. I have the experience of overspending by using credit cards. I am now every careful in every financial decisions that I make in order not to abuse the use of my credit cards to incur a lot of short term debts. Now, my credit card bills look so much better at the end of every month .

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By: Wojciech Kulicki

Wojciech Kulicki — Mon, 15 Feb 2010 11:41:28 +0000

Sad, but unfortunately, I don’t doubt that it’s happening. I think people would rather “get the goods,” so to speak, without facing the reality of what’s happening.

By: Erik

Erik — Sun, 14 Feb 2010 18:20:07 +0000

It’s pretty sad if people are finding self-worth with swiping a credit card. If they’re buying groceries on a credit card, then they either have an income problem or a budgeting problem. If it’s an income problem, they need to put self-worth aside and grab a couple of meaningless, temporary jobs to cover the temporary shortfall in income.
Erik´s last post: Personal Finance Round-Up: Have a Happy Valentine’s Day on a Budget

By: Wojciech Kulicki

Wojciech Kulicki — Fri, 12 Feb 2010 22:27:26 +0000

Yeah, you’ve got a great point there. Most people can see their savings account dwindling down slowly, and rather than letting them get down to $0 are acting pro-actively.

By: Wojciech Kulicki

Wojciech Kulicki — Fri, 12 Feb 2010 22:26:26 +0000

Sounds like you’re really close! We have quite a bit more to go with our car payments and student loans. But no mortgage as of yet…

By: Wojciech Kulicki

Wojciech Kulicki — Fri, 12 Feb 2010 22:25:27 +0000

That’s absolutely brilliant, and I applaud you guys for staying true to your own finances and not worrying about keeping up with everyone else!

I hear you about the banks…although there is definitely plenty of finger pointing to do, and it doesn’t stop at the bankers.

By: Wojciech Kulicki

Wojciech Kulicki — Fri, 12 Feb 2010 22:19:08 +0000

That economists advocate it is just scary…knowing that it will only propel the cycle forward.

I’m kind of with you–I used to think it was unethical to walk away from a mortgage, but I’ve never been in that situation. So I have no idea what I would do…

For those desperate for solutions, this may seem like the only way out.

By: Lakita (PFJourney)

Lakita (PFJourney) — Fri, 12 Feb 2010 22:10:20 +0000

These numbers are scary. Unfortunately people are living in a dream world. Keeping the credit card active only prolongs the amount of time livng the lie.

I guess another thought may be “it’s going to lose the house eventually…so why bother”. And that goes along with that banks are at fault mentality you talked about.
Lakita (PFJourney)´s last post: Should I Hurry to Pay off My Student Loans

By: Mrs. Money

Mrs. Money — Fri, 12 Feb 2010 01:07:39 +0000

We have like $300 on a credit card and a car loan of around $4000. I can’t wait to get those paid off! After that, we will be debt free. I’ll have to admit, I do have a hard time making extra principal payments on my mortgage!
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