The double mortgage worries me and probably means you are paying PMI on one of your mortgages since you only have about 13% equity in your home.
So, yes, I would make debt reduction part of your financial plan.
I would focus on these debts in this order:
1. Second mortgage (secure your home)
2. Your student loans (tackle a long term, non-appreciating asset investment - your education)
3. The Tahoe (short term debt but a reasonable rate)
If you can liquidate your Tahoe and come out ahead, I'd do it and pick a more reasonable, non-emotional buy car to drive (a used car). If you absolutely need a big-a$$ed SUV (you haul horses, rocks, boats, etc), I don't see it as a high priority, if you intend to keep it until the wheels fall off.
Last edited by Scanner : 06-18-2008 at 02:35 PM.
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