If you are receiving unsolicited phone calls from an entity pretending to be ACCC (a trusted non-profit credit counseling agency), please be assured that ACCC’s policy is NEVER to contact you unless you’ve explicitly requested us to call you. Also be cautious of emails from an unusual or unfamiliar domain. ACCC’s domain extension is @consumercredit.com, and any emails using a different extension should be treated with suspicion.

×

ACCC’s Client Login allows current clients to access their program information, including the due date, program benefits, and other documents.

Select a Client Login below based on the service that you are currently enrolled in:

Debt Management Program

Client Login

Not yet a client, but looking to get started?

ACCC offers debt relief options to individuals and families that are suffering from stress related to credit card debt by providing effective credit counseling, helping to consolidate debt, and advising on debt management.

Get Started

Wait!

You are now leaving the Consumer Credit website and are going to a website that is not operated by ACCC. We are not responsible for the content or availability of linked sites.

Are you sure you want to leave?

No, return me to the previous page.

Yes

Should I Rent or Buy If I Have Consumer Debt?

If you are wondering whether or not you should rent or buy a house, you are not alone. There are plenty of real estate markets that offer housing prices with mortgages that are less than what you would pay to rent. But that isn’t the whole story. Let’s take a look at reasons to rent and to buy a home, considering things like down payments and consumer debt.

American Consumer Credit Counseling hopes this helps you decide on rent or buy.

American Consumer Credit Counseling hopes this helps you decide on rent or buy.

How to Manage Debt & Real Estate Decisions

When deciding whether to rent or buy, there are many factors to consider, including if you are currently trying in debt management. Since everyone’s situation is different, it’s best to do a lot of research, talk with people who have been through it and make sure you are aware of your own personal financial situation. To get you started, here are some reasons why you should rent and reasons why you should buy a home.

Reasons to Rent a Home or Apartment

Renting a house or apartment has its perks. These perks are often the reasons why it’s a better choice than purchasing a house.

  1. Flexibility
  2. No savings for a large downpayment
  3. No home maintenance costs (typically)
  4. Potentially living in a more desirable area than if buying
  5. Short-term plans to live in the area

For the reasons above, renting is a great choice for many people. If you are young and transient, trying to eliminate credit card debt, or just not ready to commit to a long-term housing solution, renting is the right option. Renting is not a bad thing, although it’s often seen as less prestigious than owning your home. Don’t let that trip you up! Homeownership is not something for everyone and it’s not a guarantee in life. Renting also allows you to focus on paying off any consumer debt you may have.

Reasons to Buy a Home or Apartment

There is something very desirable about owning your own place. Paint the walls any color you want, customize the decor, and know that you have roots in a community.

  1. Saved enough for a downpayment
  2. Saved for additional maintenance costs
  3. Secure employment
  4. Long-term plans to live there (5+ years)
  5. No credit card debt

Some financial experts advise having no debt, good or bad, before trying to own a home. Evaluate your own unique situation to decide if paying off your debt first is the best choice before buying real estate.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.

ABOUT AUTHOR / Michelle

Michelle is a regular contributor to Talking Cents. She has taken several financial courses on debt management and is ready to circulate what she has learned from them as well as lessons from her own life- family to DIY projects to student loan debt.

View all author posts →

creditU

Your Ultimate Money Management App

Meet CreditU, the ultimate one-stop debt and financial management app! See your full financial overview, including debts, income, expenses, and savings.

CreditU Apple App Store
Dev Tool:

Request: blog/should-i-rent-or-buy-if-i-have-consumer-debt
Matched Rewrite Rule: blog/([^/]+)/?$
Matched Rewrite Query: post_type=post&name=should-i-rent-or-buy-if-i-have-consumer-debt
Loaded Template: single.php