22 thoughts on “What Do I Do With Savings While Paying Off Debt?

  1. Be responsible to pay your debts…if you have money keep it, invest it… if you use your savings to pay debts..it won't take long you will be in debt again and without any savings…the point here is to learn how to manage money…the same way you sacrifice yourself to save that money…the same way you have to sacrifice to pay off debt…. it's simple… you don't sell your house to payoff your mortgage..!! at the end,, you end up with nothing…… it's about to learn how to use money, be responsible and sacrifice yourself to move on…

  2. I have a question for Dave but as I live in Australia I can't call in directly, so maybe someone in the comments can give some help. In Australia we have what's called a HECS debt which is basically our college debt. It is interest-free, and it's only compulsory to pay back once we earn above a certain threshold (I believe $50,000 AUS/year). Also it doesn't affect your credit rating because it's not looked at as a traditional bank loan as such. Basically it's the 'best' debt you can be in.
    Since it is interest-free, there is no real pressure to pay any more than the minimum, but I wanted to see what others thought. Should I start voluntarily paying it back anyway? My debt by the time I finish my degree would be around $35,000 AUS

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