Seeking some sensible advice?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
Definitely pay off the loan first. All you have to do is compare the interest rate of the loan to the interest rate of the savings account and you'll logically see which is better to put your money towards.
Seeking some sensible advice?if you can afford it talk to the bank abut increasing your repaymeants, but it might be better just to carry on and put some away
Seeking some sensible advice?Depends what interest you are paying on the loan/you would get from savings.
For a simple example, if you are paying 5% interest on your loan, but would only gain 3.5% on a savings account, then get rid of that loan!
Seeking some sensible advice?i'd pay of the loan......bouns 2b bettter 4u in lomg run
Seeking some sensible advice?Financial website The Motley Fool usually recommends you should pay off all debts as quickly as possible (though should also have 3 - 6months expenses saved up in case of an emergency) before doing serious saving or investing, as the interest from debt (loans, credit cards, etc) will cost you more in the long run than what you're liable to earn by Saving & Investing.
Seeking some sensible advice?The interest you pay on the loan will almost certainly be bigger than the interest you will receive from a savings a/c. Therefore you should pay off the loan first! Furthermore you will be free of the worry that every loan imposes on the borrower.
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