Quote:
Originally Posted by MatadorRacing_F1
Generally speaking, it makes more sense to get rid of interest bearing debts. I used to work in a bank a long time ago and had to go to a lot of training courses and shit. One thing they always used to tell us is that it makes little sense to "save" while you have debt that accrues high interest. Interest for debt is always higher than interest for savings, so you are never truly saving.
Plus, Imagine if you could take the monthly amount that you currently save, and add it to the payments that you make on the car, how much you'd be able to save in a month. It'd add up fast I bet. Just saying.
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Forgot to mention.. also helping parents pay off the house. Lol
Got my dad to co-sign for the car when we went out and bought. I believe.. he told me I only had 2% or so since the dealers were desperate.
With a lot of money going to different places such as school (saving up whatever chunk I can so I don't have to take out any loans) and emergency funds. I can't pay it off right away, but the amount paid per month gets slowly bigger. :>