Q: We would like to purchase our first home, and so far have been able to save $5,000 for a down payment. However, we also have a lot of credit-card debt and are paying several hundred dollars a month in finance charges on the cards. Should we keep saving for a down payment, or use the money to pay down our credit cards?

A: It would probably be best to use your current savings to pay off your credit-card debt first and then start rebuilding your down-payment funds.

Credit-card debt is expensive: The average rate is more than double the current 30-year mortgage rate of 6.5 percent, according to the authoritative bankrate.com Internet site. Paying off your card debt first will eliminate your monthly finance charges, which in turn will help you save for a down payment much faster than you can today.

You’ll vastly improve your chances of getting approved for the biggest mortgage possible.

Q: You recently wrote that a bankruptcy will stay on a consumer’s credit report for up to 10 years. I have never filed for bankruptcy and have never even been late on a payment, so my credit rating is outstanding. How long does “good” information remain on a report?

A: Positive information about open, active accounts you have will remain on your report indefinitely. Even if you closed one of the accounts today, your sterling payment history on the account would stay on your report for the next 10 years before being removed.

Congratulations on handling your debt obligations so responsibly. The outstanding credit score that you have earned will allow you to get the best loan terms possible when you apply for a mortgage or future credit card.

Q: I have a new, $175,000 mortgage with a fixed interest rate of 6.5 percent and a monthly payment for principal and interest of $1,106.I don’t have a lot of extra cash, but could probably put an extra $50 a month toward the outstanding balance of the loan. If I did, how much faster would I pay the loan off and how much interest would I save?

A:You will pay $223,203 in interest charges over the next 30 years if you simply keep the repayment schedule that the bank provided. Adding a $50 “principal-only” payment to the loan each month would allow you to pay off the debt in only 27 years, six months and reduce your total finance charges to $191,889. In other words, adding a relatively modest $50 each month would save a hefty $31,314 in future interest payments and allow you to own the home debt-free three and a half years sooner.