Seeking financial advice debt … Credit card, mortgage?
A friend of mine and her husband are looking to get a house the year that is, when your lease ends (January 2008). They plan to spend this year trying to get out of debt as much as possible. They have about $ 14K debt not guaranteed. Your credit score is within the range 650, is his way of more than 700. They are in desperate need of some advice on what to do this year. The two programs are contributing to your company's 401K. Obviously, they have to focus on the payment of its debt, but also, they have to save for the house. Your question now is where to focus? She has about $ 30K in inheritance money she can get used as payment. And that raises another issue about Who will be the home, etc (only in case of divorce). Any advice as to where they must navigate to our finances this year will be very useful. Please advance!
Well its amazing that they are paying the debt and Savigne for a household in advance. I recommend "The Total Money Makeover" by Dave Ramsey. (Www.daveramsey.com) as a great guide very well answer all questions. Paying off debt is a job. I like to use the 30K for that. Stop the 401K until they have paid the debt and have a good size emergency fund (3-6 months) and then save for the house. Do not buy anyhting that can not afford to finance for 15 years fixed. And 30K is "our" money will be "our" house. You should not, t plan for divorce when the marriage. Otherwise, you would, t buy a house together if your plannign for divorce. 🙂 Pay the debt first. If the debt had been paid Wouldn, t takes 14K in unsecured loans to put a downpayment on a home … its almost the same thing.
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