Credit card debt can have an impact on your ability to qualify for a mortgage when buying real estate in Charlotte NC. Carrying credit card debt raises your monthly payment obligations which can reduce the maximum monthly mortgage payment you’ll be approved for.
Carrying credit card debt is also an added monthly expense that can reduce the amount you have left over to contribute to savings, luxuries and other living expenses.
Simply paying the minimum required monthly payment is not a winning strategy to effectively tackle credit card balances. If your goal is to reduce the amount of credit card debt you’re carrying (in anticipation of buying a home or simply to free yourself from the burden of credit card debt) check out this online tool that shows how long it will take to eliminate debt – Simplifying credit card debt.
You can adjust the monthly payment to see how paying above the minimum payment will shorten the length of time to eliminate that credit card balance – assuming of course you’re not racking up more debt on that card!
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