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Pay Debt Or Save Money

always something there to remind me Rep Points:

Posted on March 3, 2010 at 2:40 am

Good day destroydebt - can you help me out? Which is better - to pay my debt first or save money?

break on through Rep Points:

Posted on March 3, 2010 at 3:11 am

Pay debt or save money - well it depends on your situation. What are yourdebt types (secured, unsecured)? How much is it you owe in total? Whatis the status of your acct (if it's credit card debts) - how much is it that youcan afford monthly (realistically) - are you experiencing hardship?

foolishgames Rep Points:

Posted on March 3, 2010 at 4:36 am

Which is better - to pay my debt first or save money?- it's a very divisive and particulars-orientedquestion! Or subjective, I meant. You'd need to consult with a debt consultantor a credit counselor for it (that is if you don't want to say them on here).

gave up on the riddle Rep Points:

Posted on March 3, 2010 at 4:39 am

Which is better - to pay my debt first or save money? - I agree with foolishgames!But let's try to help you anyhow. If you are going to take out a loan soon? You'dneed for your credit to be in good standing to avoid ridiculously high interest rates (bad deals).So the answer to your question here, perhaps is to PAY YOUR DEBT FIRST.

foolishgames Rep Points:

Posted on March 3, 2010 at 4:49 am

But if the loan is for a house, doesn't he/she need to save for the down payment too?A good follow up question to this is - can he/she do both? Pay debt and save?

it takes a little time sometimes Rep Points:

Posted on March 3, 2010 at 4:52 am

A good follow question that is foolishgames! And the answer to thatcould be here http://www.usatoday.com/money/perfi/basics/2006-04-30-couples-gonzalez-planner_x.htm

Good To Me Rep Points:

Posted on March 3, 2010 at 4:55 am

Or here http://personaldividends.com/money/moneyenergy/how-to-save-invest-pay-off-debtThe article says that: do ALL of these things all at once.

customer no. 5 Rep Points:

Posted on March 3, 2010 at 4:57 am

Or another good follow up question is - HOW to pay debt and save at the same time?

Mike Wallens Rep Points:

Posted on March 3, 2010 at 6:34 am

It is a good rule to have at least six months saved of living expenses just in case of an emergency, the type of debt is also figured in; is this a secured debt or unsecured debt. If it is a secured debt it is ideal that you pay it off or risk losing that asset, if it is unsecured you can skip about three payments and start talking debt settlement. It all depends on your situation, are you going through a hardship or are you just simply looking to skip on your payments?