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Coming into money and can't make the right decision..

We are coming in to a sum of 100000. We are really torn. Everyone says buy a house. Yes that's a goal but we want to get the house we want with better rate.Our credit scores are impossibly bad to get anything at all. I'm debating wether to pay off our debt or get into a house with bad credit.We need to pay so many things. What to do?

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Anonymous

Asked by Anonymous at 10:58 PM on Jul. 11, 2009 in Just for Fun

Answers (11)
  • I say pay off the debt. That's what I'd do first, and get a new car more suitible for family.

    But paying off your debt will help in the long run. So will a house, but you'd still have the debt. Pay off the debt and what ever is left over, put towards saving for a new house.
    MommyLee08

    Answer by MommyLee08 at 11:02 PM on Jul. 11, 2009

  • I would consult a financial advisor that doesn't sell anything.
    Christina807

    Answer by Christina807 at 11:03 PM on Jul. 11, 2009

  • i would pay off some bills and put the rest in a savings and wait to but a house
    bonnie-jo

    Answer by bonnie-jo at 11:03 PM on Jul. 11, 2009

  • I think I would put it into some kind of investment where you could have the interest sent to you and use that to help pay off your debt.Maybe an annunity or something that would be insured.
    Tikismom

    Answer by Tikismom at 11:06 PM on Jul. 11, 2009

  • Don't forget to set up a college fund of say $10000 per child. I'd pay off debt, and save the rest in a money market account that has a higher interest rate. I think consulting a financial planner is a good idea, but find out about the fees.

    Teachermom01

    Answer by Teachermom01 at 11:07 PM on Jul. 11, 2009

  • Pay off highest interest debt first, however keep a credit card or two, you still will need to have credit building. Then maybe purchase land w/ cash so when you are ready to finance a home you will not have to finance the land and can pay the home off sooner.
    theboysmom311

    Answer by theboysmom311 at 11:11 PM on Jul. 11, 2009

  • I would pay off the debt, set up college funds for the kids, and then put the rest into a high-interest savings to go towards a house. Once your credit is on track, you'll have a large sum to put down on a house (or all of the money depending on how much debt you have) plus you'll be able to finance at a lower rate and at a lower payment. Consult with a financial planner to find out how much you should be putting away and if you should pay off all of your debt, or most of it and pay the rest down in smaller amounts to show good credit-building.
    beadingmom17

    Answer by beadingmom17 at 11:15 PM on Jul. 11, 2009

  • You could also go to your counties website (or the county that you want to move to) and check the foreclosed houses that are going to auction, a lot of them are dirt cheap, so you could buy the house and still have plenty of money left over for getting out of debt.
    2PreemieGirls

    Answer by 2PreemieGirls at 11:18 PM on Jul. 11, 2009

  • PAY OF DEBT!!!
    Why make more of a headache for yourself when you can lessen it?
    Stay where you are, and build your credit again. That way when the market is good, you're credit will be as well, thus making a better situation for you and your family.
    DesignerMom0801

    Answer by DesignerMom0801 at 11:18 PM on Jul. 11, 2009

  • Pay off your debt. Why would you go into something that will accrue more debt unless there is a wide variety of inexpensive houses where you live, you will need a loan to get the house. So, pay off your debt and put something away for your child/ren's education. With the rest you can invest or put a down payment on your house.
    balagan_imma

    Answer by balagan_imma at 11:20 PM on Jul. 11, 2009

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