Is it better to pay off debt first?

Question

I have 2 student loans I am working on paying off in the next couple months. I want to take care of them and move on,

Is it better to get them out of the way first?

EddieJ · Answer

Have you considered simply deleting your student loans?

Spock (rhp) · Answer

your question mixes financial facts [not fully disclosed -- interest rates?  tax deductibility?] and your personal psychology.  Best I can do is to suggest that, in the long run, max out your retirement contributions and keep those funds fully invested in the equity markets BEFORE paying down your student loans.  -- grampa

Pearl · Answer

i think its better

Gypsyfish · Answer

It depends on what the interest rate is. If the interest rate is lower than you could get by investing the money, invest it. If it's lower than the interest on your credit cards, pay off the credit cards first.

Anonymous · Answer

Always pay off high interest loans and credit card debt  first.

Is it better to pay off debt first?

5 Answers