18 Apr 2019
Learn how to style your text
03 Mar 2019
Diploma in Business Management at Nanyang Polytechnic
Debts interests are guaranteed and investments returns are usually not guaranteed. Compound interest works both ways for debt and investment. There are good debts that people take to grow their money but you must make sure you know what you are doing and the consequences of not paying your debts on time due to investments not working out as planned.
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Clear your (bad) debts first, starting with the highest-interest ones.
Imagine you save $1000 a month into a savings account paying you 2.5% interest per annum but have $1000 in your credit card debt rolling at 25% p.a. If you keep your savings instead of using it to pay the debt, you're essentially losing money and letting the credit card company earn more interest from you.