I'm getting to the point that not having a house is kind of becoming a pain. Living in a cramped apartment is really starting to take its toll on my wife and I having a young child and wanting the space to allow her to be able to move around freely. I know it's not necessarily a need, but at the same time, I feel that if I stay in this apartment any longer it's going to be harder to afford a house with the way things are going. Maybe it's FOMO that's driving me, but I'm not certain.
My wife and I gross about $75k a year. Due to daycare and other bills we only have about an extra $200 surplus per month we put towards credit card debt. We have about $7k in debt on the cards and medical debt, coming to a minimum payment of $220/mo. I've refinanced the cards through our credit union to cut the APR to 7% to pay them off with less interest.
My question is: should I pay off the $7k balance before starting to save for a house or start saving for a house now and pay off the balance to its term since I refinanced the cards with a lower APR?
Edit: thanks everyone. I figured I should just pay it off. I had people saying it wasn't necessary so I just wanted to check here since there seems to be a lot of helpful people. Thank you!
Submitted November 27, 2021 at 06:14PM by Nyosty https://ift.tt/3cX4PpC
