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Okay, so ive got about 5k come into my possession. Ive got a loan for £6,500 still to pay, aswell as a credit card of £900 Im paying these off monthly with ease and have never missed a payment and the credit card is 0% interest. (the loan is about 10% though) BUT, im saving for a house deposit and this 5k would be really helpful in adding to it. SO, should i pay off part of my loan & cred card Montana should i shove it in my savings account? I dont know what to do!
Sensible you for considering your situation before splurging the extra. Now, I am making an assumption. Your $6,500 loan at 10% interest (reducing) will, over say three years terms, end up costing you $650 interest for the first year: $430 for the second and $220 for the third. A total of $1,300. I think that a 10% interest is high, but interest represents the cost of money to use it now. You still owe it. By clearing up that debt, you will put yourself in the clear and establish a good credit rating when you really might need it, i.e. to purchase a house. The same point goes with your credit card. Just having to fix up thes accounts each month is tantamount to buying the whole thing all over again. You end up getting strangled by the impression of being in debt continuously. You will appreciate the financial freedom you will have. It is wonderful that you can manage the accounts at this stage, but just put what you would have been paying into a savings account anyway and you will soon have back your input now within just three years. Three years! Yes, in three years you would have speant that money and will have paid off your accounts. But if you save it, in three years time, which is going to pass anyway, you will have been alive and well without any debts and end up having the money back in your savings (plus $1,300). Go buy an ice cream and celebrate.
I would pay off the credit card debt, whilst it may be 0% interest if you are only making minimum payments on that, it may affect the ability for you to actually acquire a home loan. will the credit card start charging you interest in the near future? In the long run id say its better to pay off your debt and spend a little extra time saving up for a home loan. :)
Could do half and half? The most sensible thing would be to pay off your loans as if you put 5k towards a house, you'll still be in debt. Better to save when you clear of debt other wise youl struggle in the long run x
. Sounds like you already KNOW the answer. . You just need a nudge. . Well then: . 1) WRITE down your three candidates (It's very important that you take pen to paper. Otherwise your mind will keep playing tricks on you.) . 2) Determine the % drag of each of your candidates. . 3) Pay off the most onerous one. . Again, base your decision on FACTS as it is NOW - not on rosy/dark projections of "someday." OK, fine. Here's one projection: You know 0% on the creddy won't last forever. What's the REAL interest % once that ends? . That's all you need to do. As you already know. Now make like Nike and "Just Do It." . Doing anything else will result in financial loss. Guaranteed. . Cheers. . (Personally, I'd pay off the card right now. Why? All your money goes to 100% of the debt! No interest payments! An interest-free loan - IF you act now.) . Consider yourself nudged. .
Pay off your debts.