MONEY CLINIC: Is it better to settle debt before saving? | Fin24
 
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MONEY CLINIC: Is it better to settle debt before saving?

Feb 08 2020 08:00

A Fin24 user asks the question of whether saving is better when debt is paid off or not.

He writes: 

I would like to know: is it better to save, or settle debt before saving, or do it at the same time? (The debt is accounts.)

Mark Bishop, Managing Member at Credit Clear responds: 

Its always better to get rid your debt as soon as you can - I suppose the question is what debt? Home loans, for example, are some of the "cheapest" debt you can have, so then it may be worthwhile servicing that debt while saving. 

Compiled by Allison Jeftha. 

*Disclaimer: Credit Clear is not a registered financial advisor

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savings  |  money  |  money clinic  |  debt
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