Don’t carry high credit card balances or student loan debt. Use the equity in your home to pay that off. These are simple loans to execute and they save my borrowers anywhere from $100 to $1,000 per month.
Even if you have a low rate, moving to a higher rate and paying off this debt will save you money. When complete, instead of having a mortgage plus credit card debt plus student loans, you will have ONE simple mortgage payment.
That payment is also tax deductible.
To be honest, this is one of my top two favorite loans to do for my clients. The reason being: You save so much money and clean up your personal balance sheet.
IMPORTANT CREDIT TIP: Once you pay off any credit cards, don’t close them. Keep them open and reporting to credit bureaus. This will improve your credit score. IF you close them, it could have the opposite effect.