Is putting extra money towards my home mortgage principal smart?

Because of the mortgage crisis our home is worth alot less than what we purchased it for in 2004. We purchased our home for $401,734 within 2004 and right now it is only worth $288,000. Is it smart to put extra money towards our principal every month or would it be smarter to put it towards our credit card debt? We currently enjoy an interest only loan at 5% that will adjust in November 2009 beside a balance of $320,800 and a second mortgage that is also interest one and only that will adjust in 2014 with a stability of $57,700. The two mortgages total $378,500.
"> First, build up your cash reserves so that you'll have a cushion to abet out when the first mortgage adjusts in 11/09. In tough times approaching these, cash is king. The only past the worst assumption to make is that your monthly payments will increase. Once you have a brass reserve equal to six months or more of your monthly living expenses, you should think about paying down the credit card debt. Source(s): http://www.uncleleosden.com/Step16aModel…

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