debt

2 Replies

I am saving a little at a time from my current job to use to invest in buying a rental. I've made it hard on myself by accumulating debt in the past. Should i pull out my savings to pay down some debt which will help me save more faster or just save a little and pay down my debt slowly?

Originally posted by @Ross Dickerson :

I am saving a little at a time from my current job to use to invest in buying a rental. I've made it hard on myself by accumulating debt in the past. Should i pull out my savings to pay down some debt which will help me save more faster or just save a little and pay down my debt slowly?

How long is a piece of string? Everyone will have a different answer.

Personally, I hate debt. Kill it. Kill it with fire (and payments). No one ever mentions the utterly liberating feeling you have the day you have $0 in debt. The only reason I have a bit of unsecured debt today is because it's the only way to keep any sort of credit score.

I'm sure there is some fancy guru out there with 'sound advice', and three more to contradict him.

Kind of in the same boat except I decided to pay off debt that will help me secure higher credit score and DTI %s. I would say take care of smaller debts first and snowball the bigger debts. I plan on using my cashflow to knock down my biggest debt the car payment which I will never get into again!

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