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verity b | Which is best- to pay off debts or to save? |
I have about £2000 of debt plus student debt (Im not eligible to pay that off yet)
I pay about £100 per month into an isa.
Should I focus more on paying off debt or saving?
My current job doesnt pay a great deal & I am a single parent. I dont own my own home and next year I am returning to uni to do a 1 year teacher training course.
I dont earn a great deal now so £100 a month is all I can set aside really. My credit rating is not great (below average I think) |
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Jo-Ann M
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Firstly, it sounds like you're doing a wonderful job Verity. I don't envy you being a single mother so you should be proud of yourself so far. Anyway to answer your question... pay off your debts. Take it from me.. my husband and I got ourselves into some debt when we were teenagers and had just met(through utter stupidity) and 3 kids and 11 years later we're still suffering the consequences believe it or not. They never go away and there's always a tarnish on your character. I resent the fact that as a single working mother that you should be required to pay back the full student loan anyway. |
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Sid Sussex
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Pay off debt, as the interest you pay on loans is much greater than any savings interest. |
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Amanda G
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all the saving in the world isn't goin to matter if you still have debt. Continue to pay on as much of the debt as you possibly can and save what you can after that.
Your credit score determines so many things now a days. It is better to pay on debts and save what money you can for rainy days or emergencies.
Even if you have several thousand dollars to put down on a house, your interest rate will still be very high if your credit score is low.
best of luck |
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Gerry R
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Tough question. Most financial advisors would say pay off the debt but I would say that creating a savings habit is always good. Also what happens if somthing goes wrong e.g. your washing machine breaks down. Would you have to get yourself in more debt? |
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Filthy Lucre
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paying off debt now costs less in the end. But savings are important too - especially in an emergency.
If it were me, I think I'd pay down the debt for a year or so, and then re-evaluate it. |
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katehughes2706
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Pay off the debt and you will be better off in the longrun, that extra £100 a month paid towards debt will greatly reduce your interest that you pay, then you can start to save. |
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welshbloke
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Interest paid on debt is higher than interest received on savings - pay off the debts!! |
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aireuk
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I totally agree with all above, debts first save later |
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Sunshine
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I would do a little of both. You should never put all your eggs in one basket- you never know when you may need your savings. |
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lbaker2656
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Yes pay off the debt as it will gain interest. Then once thats paid off you can concentrate on saving or paying off your student loan. |
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its not my time
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Pay off debt. Do everything you can to pay it all off. After you've paid it off, start having a savings plan. |
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Goonhilda
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You need to pay off the debt before you even think about saving.
Debt eats your money. Interest rates on debt can sound nice and reasonable, like 11% sounds reasonable, but that just means out of every hundred dollars you owe, you need to pay back an extra $11.
If you have $1000 of debt at 15%, it costs you $150 a year. If you have the same amount in savings, earning you 3%, you're only getting $30 in interest. That's creating a situation where you're out of pocket by $120 a year, at least.
Any money you tip into a debt is effectively earning you that interest rate, because you don't have to find the money for the interest from elsewhere.
Even if you were getting the same interest rate on the savings as you were on the debt, you'd still have to earn MORE on the savings, because any interest you earn is taxable income. So if your debt is at 6% interest, you'd need to be getting 9% interest on your savings to come out in front. I don't think you'd get that from a bank account.
So pay down the debt, and save yourself an unnecessary expense. Then, you can start saving, and really get the best value for money from your investments.
If a hundred pounds is all you can manage, I recommend you see a financial planner. Go to your local bank and see if they have one on staff. They can help you invest in a better product and you might be able to contribute that monthly sum into a managed fund investment. That would REALLY make your money grow over time.
Oh, and having a good savings history can help to offset a bad credit history. Get out of debt and start saving, and you'll see an improvement.
Best wishes |
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Claire S
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It depends on the interest of the loans and your ISA. Student loan interest used to be 2.4%, so in those days you actually made money taking it out and leaving it in an ISA and then paying it back! Nowadays the interest rate is 4.8%, so if your ISA pays higher than that you'll make more money saving it. You have to be careful to pay off enough to keep the creditors happy though.
Then there's the question of funding for your teacher training. If you're going to end up taking out more loans to fund yourself then you might be better saving now and using the money you saved to fund you (unless you are eligable for student loan, which is, as above, cheaper than regular loans usually).
Your credit rating won't be affected because you have debt, it is affected if you don't pay back an amount that the creditors want you to pay back when they want you to pay it. If you're slowly paying off the debt your credit rating will rise.
Enjoy your course and I hope everything gets sorted! |
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caretoshare2000
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Pay off the debt. |
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zua_zain4u
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what ever may be the criteria pay off ur debts if u pay of now u will have a chance to again get a loan |
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Rhyley Grace's mummy!
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Id pay off your debts first then concentrate on saving, if you don't pay your debts you'll end up with bad credit and won't be able to get a mortgage or even credit for a loan. My bf made the mistake of not paying his debts from when he was younger and now can't get credit until its paid. He can't even get finance for a car. If you start to pay off just the minimum payment it will start to build your credit bk up.
Why don't you pay off your debts from the money you have saved and then start again. |
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denis5d
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you should try to create a residual income on the side. Check this website out it might be able to help you http://www.freedom.ws/corporateraid |
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