If you have to ask if revolving debt or pay off your mortgage is better, your debt has become a problem in your life. You are wise to assess your situation, prioritize your debts and take care of the most important debts first. If you have too much debt, you can minimize the damage by taking the right approach.
If you miss a payment, it should not be your mortgage. If you stop paying your mortgage, you could lose your home. If you miss a payment, it is better to miss your payment by credit card then your mortgage payment.
Do not pay revolving debt, such as credit cards, do more damage to your credit report that do not pay installment loans such as your mortgage. If you want to prioritize your debt after you pay your mortgage, you must repay any credit cards that may help you save your credit. You are already taking a hit on your credit score due to lack of payment by credit card. You can at least reduce the extent of your score drop even more by keeping some available credit on your card.
If you decide to miss a payment by credit card, and if this is the first time you’ve done that, ask your lender to not report the missed payment to the Office of credit reports. If you’ve been a good customer, your lender might agree that it happens once.
It is important to pay your mortgage each month, but do not make the mistake of trying to pay the mortgage off sooner than you owe. Your mortgage is usually the debt with an interest rate lower than the debt of your credit card. The interest you pay is tax deductible. Only pay for what you owe on your mortgage and not more.
Solution and Prevention
You can change your mortgage payment more affordable modification program. If you have trouble making your mortgage payment, you may be eligible. Typical reasons to qualify for a modification if your mortgage payment is increased or decreased your income if you suffered a recent strain. If you can reduce your monthly mortgage payment, you may be able to pay your mortgage and your revolving credit. You can also talk to a credit counselor.