In today's economy, I'm avoiding debt. I have an AmEx and a Visa that I pay in full every month, and a fifteen year mortgage that I refinanced last spring, now at 5.375%. That's all I have for debt. I have two paid for cars. I think that this economy has at least the possibility of depression and price deflation, and for that, cash is the best medicine. I'm not taking on ANY new debt.
I agree with NoSoup about the lack of financial specifics, but I think it would be hard to argue against the idea of taking advantage of the current low interest rates by moving into a fixed rate mortgage. But if you are overextended in other areas, it might be hard to refinance. The lenders that I know have gotten very choosy about who they'll loan money to.
It looks to me like we are moving back to that old fashioned idea that the only people who can get a loan are those that don't need one.
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Originally Posted by hexrae
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Is it advisable to get out of my lease now (regardless of fees) and get a new one, or to wait it out?
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I can see no advantage in paying penalties to get out of one lease in order to get into a new lease.
All that does is cost you even more in depreciation. However, it might be an advantage to get out of your current lease and then buy some kind of car for cash. Not having the obligation of the lease might make you look more attractive to a mortgage lender.
Lindy