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yktoday t1_j7vpz9h wrote

Age old question, do I pay low interest and zero interest debt off whilst I have the money in savings? I have zero interest card debt and 1 loan at 1.7%. Savings are at 4.5%.

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loubarajas OP t1_j7vrz7z wrote

This is an age old question. IT DEPENDS. I have clients that detest debt and can't sleep if they owe a couple of thousand on credit card debts. No amount of interest being earned in the bank will give them peace of mind. Also, it depends on how much debt you are carrying. I always try do do both, pay off debt and save. Glad to know that you are earning 4.5% on your savings though.

For others reading this, check out www.opportunityknocks.net to find a CDFI (Community Development Financial Institution) to help you save more.

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