| In theory it makes sense. But seldom in practice. Most people lack the discipline to stick with the plan. But even if you have the discipline, any bump in your finances, such as a medical emergency could put you behind. If that happens, you might end up owing large amounts on your credit card at a high interest rate (up to 25%!). Then you’ll owe both on your mortgage and your credit card, doubling your pain. Bankruptcy lawyers file thousands of bankruptcies every year for people trying to do exactly this kind of financial juggling. If you have enough income to pay off the credit card, then consider using that income to pay lump sums on the principal loan amount directly to the mortgage company. (First check with them to make sure they accept this.) Also consider shorter term mortgages with lower interest rates, as well as adjustable rate mortgages. Lay out all your options and consider the pros and cons realistically. |