It’s a situation that many 20- and 30-somethings find themselves in: You’re married and have good jobs, and you’d like to buy a house… but you still have some debts left to pay off. So which should you do first — purchase a home or get out of debt?
Unfortunately, the status quo in America is for young people to carry large loads of student loans, credit cards and other debt into marriage, and most couples actually accumulate more debt as they go in life. This is a really bad thing, because debt is a form of financial slavery that costs us tons of money over the course of our lifetimes.
We believe that the best path to financial freedom is to pay off your debts as quickly as possible, which means holding off on buying a home until you’re debt-free. This isn’t a popular opinion in America today, but it makes a lot of financial sense. [Read more...]