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Did you join David Bach last month in his Facebook Live Chat?
David shared some great advice about how to become “Debt Free for Life,” how to pay off debt faster, and how to prioritize your debt.
Don’t miss the next Live Chat, this Thursday, with TaxMama Eva Rosenberg. She can answer all your questions about filing your 2010 taxes. Sign up now on the Equifax Facebook Fan Page.
Here are some questions fans asked David and how he answered them:
Could you tell me if it is better to pay additional monthly payments toward your mortgage principal or pay any additional payments in one lump sum? Currently I pay an additional monthly amount and then another lump payment with my Dec. payment. Is it better to divide this lump sum into 12 months and pay the additional monthly instead of yearly? I would really appreciate your response.
Shelby, if you pay it monthly, you will reduce the principal faster. But truthfully I don’t think it matters that much. What matters is that you simply make extra payments on your mortgage. I personally make extra payments each month, and then based on my income I make extra payments a few times a year. The most important thing when you prepay a mortgage is making sure that the money is credited by the bank against the principal. It’s amazing but true that banks will often take the extra payments and hold on to them in an account and not pay you interest or pay down the mortgage until you ask! It’s happened to me, and to my readers. So watch extra payments like a hawk.
Do I pay my student loan off before I start paying off $35,000.00 in credit card bills?
Regina, I would definitely be paying off my credit card debt before my student loans. The interest rate is more than likely much higher on the credit cards than the student loans. The one exception to this rule is if you plan to go bankrupt. Credit cards can be walked away from in bankruptcy, and student loans can’t.
Is it better to pay off your house or save the money? I am leaning toward paying off the house. It is the last thing I owe money on. I could pay it off in about 4 years . . . $87,000 . . . What do you think?
Angie, I would have at least six months of emergency expenses set aside, and then I would pay off your mortgage. You’ll love being debt-free. The one thing is, however, I want you to also max out your retirement account at work if you have one, or at least max out a deductible IRA each year. So max out those retirement accounts and then make the extra payments on the mortgage.
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