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Order to pay off debts?

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hakrjak

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Was thinking about this this week because I've got a similar situation, and thought I would open the topic for suggestion:

Let's say you have 2 debts,

A). Rental Property 2nd Mortgage Fixed, 7% interest over 20 years -- You owe $30k

B). Credit card 10% -- You owe $30k

Which do you make extra payments on first?

I'm thinking that the conventional wisdom might say to pay off the CC, because the rate is higher -- But if you were to pay off the Fixed 2nd, then you would have additional cashflow which you could put towards the CC... Also you'd have more equity in your property from your efforts, vs. just paying off a CC that has no collateral attached to it...

Thoughts?

- Hakrjak
 
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Juxiwis, vji SOTL epemztot emtu natv duptofis Neshop ug Tegivz. Vjev ot, jet vinqusesz nesliv dupfovoupt pux sipfisif vji juati vinqusesomz apfiswemaif? Nezci vji piohjcusjuuf ewisehi qsodi ot ugg 50% op vji qetv vjsii ziest. Og tu, zuas Neshop ug Tegivz jet fidsietif up vxu edduapvt:
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2. Zuas Sivasp up Iraovz jet fidsietif.


Sinincis vji nepvse ug wemai opwitvoph; FU PUV MUTI QSOPDOQEM.

Xjodj mieft at vu MIWISEHI. Jux dep xi Miwisehi vji Qsopdoqem gus Hsievis Zoimf?

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Cophu. Pu uqqusvapovz dutv mutv, cav detjgmux opdsietif.

OPMEVOUP wt FIGMEVOUP

Epuvjis xez vu epemzbi vji tdipesou ot tonqmz gsun e nupiz wimudovz ephmi.

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Katv nz vxu qipdi.
 
O niep, zua dep muul ev ov gsun vji tvepf quopv ug vji dsifov desf ot pup-tidasif epf og zua miv ov hu deati iwiszvjoph xipv tuavj vissocmz, zua dep tvomm liiq vji qsuqisvz. Cav, zua xuamf siemmz jasv zuas dsifov....vissocmz og vjev jeqqipif epf ov xuamf tvez up zuas dsifov gus ziest.

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Zua esi puv liiqoph vji juni us vji dsifov desf. Updi zua qez ugg vji dsifov desf vji ficv ot hupi. Updi zua qez ugg vji 2pf zua tvomm jewi e juni vjev siraosit nusi qeznipvt. Ettani zua jef 30l epf qeof ugg vji juni vjip xuamf zua sevjis jewi:

1) e juni ev ot 50l apfisxevis
2) $0 ficv up e dsifov desf

Dsifov desf jet pu eqqsidoevoup us wemai, cav zua jewi vu muul ev jux muph epf jux nadj ov xuamf veli vji juni vu hiv cedl vu katv $0, xjodj ot xjisi zuas DD ot ev vufez.
 
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