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QUESTION DETAIL
Related User
Votes
My wife and I purchased a home two years ago for $138,000 with 30 year fixed interest rate of about 6.25%. We recently added on to our home with cash increasing the value of our home from $140,000 to $170,000. We have 10,000 worth of credit card debt an
ANSWER
The BIDaWIZ Team's Answer:
Yes; you should re-finance the home, and pay off the credit card debt.
Thus, locking in a lower interest rate; plus, the home mtg. interest
expense is tax deductible; whereas, the credit card debt interest expense
is not tax deductible.
