Our current debt is as follows:
First Mortgage: 58795.04 5.25%
Second mortgage: 24789.00- this is a home equity line of credit 4.25%
Credit cards: 8369.49
Student Loan: 810.39
We (I) hope to have the credit cards paid by November of this year. After that I would like to save for a newer car or two since both of ours have about had it. Then we will start with some major home improvements.
I am not going to rush with paying off my mortgage or heloc. There is only 10 1/2 years left on the mortgage. The heloc is an adjustable rate but I do not see rates going very high anytime soon. If I did see it creeping up then I would change my plans to start paying it off. We plan on staying in this home a long time.
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