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Hariz Arthur Maloy
01 Apr 2019
Independent Financial Advisor at Promiseland Independent
Credit card debt, yes absolutely, clear first.
Mortgage, maybe not.
It makes sense to want to be debt free, but if you aren't paying such a high interest rate, you may want to invest that money elsewhere and get a higher return.
I'd clear any debts that I have to pay above 6% for first.
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Hello!
There is not really an answer to which is more important. it would likely depend on the type of debt that you have incurred.
You can compare your debt's interest rate compared to the returns on your investments. If your loans have very high interest rates, it is likely that you should pay off the high interest debts first. If the debt is low-interst, then it may be a better idea to make minimum payments and put more money into your investments.
You can also consider the type of debt that has been incurred. Pay off credit card loans first before investing.
Hope this helps!