WHat To Do?

[Elgin526]

If you go ahead and put the $5K down on the land, how long would it then take you to pay off the $5K in CC debt? If you can pay it off in a relitively short amount of time, then assuming the land is a good investment in and of itself, I'd go ahead with the land purchase. I'd hate to lose out on a good investment just to save 6 months worth of interest on CC debt.

[click4credit]

Pay off the credit card debt as that is high interest and personal debt. If your buying the land as an investment then the interest you pay on the 9% land loan may be tax deductable making the actual rate even lower.