capnemo
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Pay off the debt first. Always pay the known before you pay the unknown. In other words, you know you owe this debt so why risk your money elsewhere as you may lose it. Then you'll still owe the debt and not have the $$ to pay it.
Also if you are paying 8% interest on the debt, where can you make more than 8% on your money that is guaranteed? |
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zeldieuk2002
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pay the debt, if you have 5000 still owing it will be easier to pay off in installments as you go along. If you try doubling it, it could all go wrong and end up in more debt which will be even harder to clear. Even if you pay your debt off and are skint, at least you can sleep at night not having to worry about money troubles. |
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BereaGirl
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You could take half to pay off debt and the other half to bring in a good steady income. |
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#1 Buckeye Fan!!!!
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It will take so long to double your money, so go ahead and pay off your debt. And if you don't accrue anymore then every dollar you bring in can go straight to you or savings. That way you can save up to put a huge down payment on a house for lower payments, or save up to pay for a brand new car with cash. Then you won't have a car payment that you're paying all this extra money towards interest. |
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Katherine W
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I agree with everyone saying to pay the debt first. Also, you need to figure out why you got into such debt, and how you're going to avoid debt in the future. Otherwise, you'll just keep doing the same thing and never getting anywhere.
I suggest you read The Millionaire Next Door. It will change your life! |
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mojo2093@sbcglobal.net
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First of all I wouldn't ask a question like that on yahoo answers. Secondly I would see a financial advisor about what to do with the money. |
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CDN CHIC
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the interest on the debt will destroy any money you make from an investment..if you want stick 5 grand in an IND account or something incase of emergency...and use the rest to pay off your debt... |
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Troubled Joe(the ghost of)
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go for the latter. |
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boston857
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follow the 10/20/70 rule here.....10% goes into a long term investment (mutual funds, stcoks, bonds, CD's) account for your retirement, 20% percent goes into a high interest bearing savings account or short term CD as an emergency reserve and 70% goes to pay off part of the $25k debt.......make sure you pay off the debt bearing the highest interest rates first |
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thehereyes
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I guess it all depends on how long the debt has been sitting there for and also the last thing you want are creditors coming after you asking for all of the money at once! How often do you usually make a payment towards the debt? I would personally WANT to invest but in this case you are just a lot safer putting the 20,000 to your problem. |
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Davy B
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Pay the debt! If there was any certain way to double your money we would all do so! Get a couple of extra jobs and clear the 5000 too? |
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mookvey
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assess the rate of interest on your loan vs the rate of interest you could earn on the money in a year. If the former outweighs the latter you should get at least the majority of the debt cleared straight away rather than investing. decide what you're gonna do before you get that money though, because if you delay you'll soon spend a good proportion of it on "a little luxury here and there" and have squandered the privilege of getting a life-line. |
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gingertod
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pay it off |
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MR MONEY
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Pay off the debt, you will sleep better and be able to make more money to pay off the rest.
Stress can take a lot out of you. Make the smart play, pay it off. |
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DAVID B
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pay pay pay. |
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C
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Double it F*ck the Debt X |
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Frank Castle
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How much interest rate are you paying for that debt, exactly? |
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lyricsoldier
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give it to me! |
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3 para
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buy loads of drugs and make it big time....lol |
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tallchickens
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Sign up under me and make alot of money! It's not that expensive. Then you can pay a few bills.
email me for details.
littlepinkdaisy@gmail.com |
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