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Anonymous
I'm not intending to ask my parent to waive away the repayment of loan for me hence I'm here to ask which is a better option. Thank you. Thank you guys in advance! Assuming that lump sum repayment is not an option sadly.
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Tee-Ming Chew
07 Jun 2019
Co-founder at Seedly
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Gabriel
07 Jun 2019
Undergraduate at National University of Singapore
If the repayment amount incurs interest, then you should consider repaying a higher sum each month so as to clear off the debt as soon as possible to reduce the amount of interest payable.
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Huang Yixuan
29 Nov 2018
Person at Seedly Community
Yeah try to clear it asap man. Debts are not good. Maybe you can try to cut down on your expenditure?
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Same boat here. Currently serving NS so won't need to repay. Initially wanted to one shot pay back to clear debt ASAP. But after some thought, I would choose to pay 100/200 per month, the rest will be used for investments. I'm confident of being able to get more than 2.5% returns in my I investments, hence I choose to repay slowly.
This only applies if you are confident that you can beat the interest rates for your loan, if not best is to repay ASAP so that the interest doesn't snowball.
There is no shoe that can fit everyone's feet. In the end the decision can only be made by you.
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Like what Gabriel mentioned, if your debt has interest tagged to it, then better to clear ASAP. If t...
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Definitely recommend to clear the debt as fast as possible to avoid interest. The longer it takes to clear the debt, the more interest you need to pay.
In fact if you can do lump sum repayment, that will be even better!