Using Your Credit Card to Payoff Your Mortgage or Vise Versa is a Serious Risk?

Credit card makes our financial spending so convenient nowadays. Take note, the "financial spending" phrase. It is simply put as money coming out of your own pocket and YOU HAVE TO PAY IT BACK LATER ON!

How many times have you received those blank checks from yourcredit card provider? Such real tempting deals "Use it Now toPay off your balance". The fine print is under skyhigh interest rates.

It's been mentioned in this website that smart credit card use is such a powerful way to meet your immediate cash requirement. Again, there is a strong word of caution using this technique. If you haven't done your homework in buying that home foreclosuresto include how long you're going to keep it and when to sell it...Don't Do It!

Take for example this article from Ledger.com titled "Erase Debt Now.(Lose Your House Later.) A retired coal miner in Bluefield, W. Va., William Anderson, 80, and his wife, Kathleen, 79, owned their home of 45 years free and clear, but lost it in March after falling behind on a new $48,000 mortgage that they were persuaded to get in order to pay off their automobile loans. See more of this article...

It's sad to hear retired folks gone into home foreclosures and sometimes even untimely demise. Don't be a part of the statistics, use your knowledge smartly and know what kind of mess you're getting into and how to avoid it!
------------------
Written by Resty Malia

Buying a Home Foreclosures