What is more important for financial success: saving or paying off debt? related questions

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What is more important for financial success: saving or paying off debt?5Laquan2012-11-04 11:09:03
I'm in my 20s . I have one semester left of college and working part time. I get by on incomes that do ( live on my own) and I have student loans ... only one car payment and some credit cards . I make enough to get ahead hourly fine. Also I have regular premiums ( about 5-8 times a year ) that can be anywhere from the high $ 100 to low $ 1,000 ' s . I do not want to blow the money , I prefer to put it to good use . Being that is graduating soon , I'd be able to buy a home in the next two years . It should focus on paying my debt or put it in savings?
Bought first home, now looking at paying off debt vs saving?0Chirs2012-10-12 07:45:55
I recently bought my first house and receive credit 8k first time homeowner . My mortgage aside , I'm looking to reward debt and would like some opinions . After my mortgage and personal expenses , which will have about 2k per month and a minimum amount of savings ( 2k ) , most home runs as a down payment . Here are my MedlinePlus loans MedlinePlus 4000 car [email protected] % MedlinePlus 3000 personal loan @ 6 % (from 401k downpayment ) MedlinePlus 2000 private student loan at 5 % MedlinePlus MedlinePlus 5000 private student [email protected] % MedlinePlus 25,000 federal student loan @ 7 % zero credit card debt MedlinePlus MedlinePlus I'm pretty sure the car loan pay 4k , but I'm hesitant about 3k 401k loan until you have a little more savings accumulated . I figured it would undermine student loans on the road because interest is a tax deduction . Is it better to pay off some debt or save? Besides we want to be prepared for anything that may come to the house .
What amounts of my money per month should go to paying debt and saving for a mortgage?0chimpanzee2012-11-03 17:34:49
So I am dedicated to both getting out of debt AND saving for a house/condo. Id like to do both at the same time because th eprices and rates are SO good for getting a mortgage I don't want to put this off too long. My rent right now is about 50% higher than a mortgage payment would be I have 1,000 extra a month after all bills and expenses to sve and pay down debt Right now only debt: 7k balance on student loans with 4.5% interest rate. I do claim the interest for tax. MOnthly min payment is 150. 7k balance on car loan for 3.9% interest rate. Monthly min is 201. Now condos in my area are about 90k, decent houses are about 120k. I make 50k-60k a year so qualifying even with this debt would not be a problem with my 756-777 credit scores How much of my 1,000 extra should I pout towards extra payments debt and how much toward a house savings?? Id really like to purchase a house/condo within 2 years Thanks
Which one is more important? Moving out of horrible apartment or saving for my first car?11BethAnne2012-11-05 16:32:02
My contract is up in a few months and would like to leave my current apartment because I hate it. The building is old , the walls are cracking . I can not control the temperature of the radiator in the kitchen and gets so hot that I have to keep dry goods in the fridge . Most of the outlets are in my room , only one room and none in the bathroom . The upstairs neighbors are rude and obnoxious. They drain out of the shower on the floor and that has caused my roof to keep water brown spots . They work boots and heels and stomp around them all day. It's like living under a gym . They yell, scream and play Tejano music at 12am as a night club . The floors are so bad that I have to wear headphones to bed at night and wakes me in the morning because of their cheap spring mattress and rub against the rotten wooden floor . I can not take much longer. I need peace . Most of my income goes to rent and is quite difficult to save for another apartment deposit . I also wanted to save for my first car , so you can get a better job out of town . I can not save money for both at the same time . If I have a car this summer , I can not move . If I move, I can not get a car . Please do not say car loans because I do not qualify and I'm paying a personal loan . I sold on eBay , but not enough for the money I need . So it comes down to saving for a car or moving. What would you do ?
Are libs going to despise my financial success in 10 years?7michale2012-11-03 04:55:02
My husband and I recently bought a house . We are currently saving money whenever possible (no cable TV , no internet at home , no new cars, no new clothes, etc ) so that we have enough for a down payment on an investment property ( as a duplex ) . In 10 years , the duplex has a value of 100 s of thousand more than you will pay for it now (we're in SoCal , go for about 400k now ) , plus the income you get from it will not only cover the mortgage , but throwing money at us every month. We will be able to buy new cars with cash ( no loans ) , cable TV , etc. , and even more properties to buy with that money , and have never had any debt of the credit card . MedlinePlus MedlinePlus Do you think I will call "luck " or " bad " to make as much money , instead of analyzing the facts - now sacrificed so that we could be successful in the future ? Will they still be required to pay for the welfare of the mother who has to have the flashy car and fingernails up and in fact all the MedlinePlus bling , but still qualify for free lunches for their children in school ? MedlinePlus What do you think ?
Is our savings/investing leading to financial success or destruction?2ゝ Start 2012-10-23 11:28:02
My husband and I are in our 20s ( I have 26 and he is 25) , have two children and one on the way . We are a middle class family ($ 55,000 annually) . We got married three years ago and decided to start saving last year. We have two Roth IRAs , both with $ 500, a money market savings around $ 500, a traditional savings near $ 1,500 and two joint accounts verification ( in two different banks ) with a total of about $ constants 2000. Our plan is to have money market savings for our kids college fund , retirement IRAs , checking account dedicated for the holidays , and our savings for an emergency fund . We do not have any credit cards , we own our cars , and rented an apartment ( $ 1150/month ) . We want to buy a house next year , but all are in our credit student loans . Do you think the path that takes you to financial success or destruction ?
Has anyone had any success using a debt consolidation program? If so, which one?0Arlena19982012-10-13 04:19:03
I'm about $ 55,000 in student loan debt and credit cards . I am looking to consolidate my payments because I have many lenders and credit cards . Has anyone used a debt consolidation service and has not been a total scam ? I do not even know how the debt consolidation . Any advice and referrals to reputable service is greatly appreciated.
Help need financial advice about loans and paying off debt to buy a house...?0Halalisanio2012-11-03 17:56:03
My husband and I are trying to buy a house and are currently facing a bit of a dilemma. I have a credit rating halfway decent (650) and my husband has a very poor rating (580). We are currently trying to buy a house and if you just use my credit to get approved, but not on a large enough loan. I have student loan payments, a car payment, and credit card payments. Gano $ 15.00 and I pay almost $ 700 a month in my debt up. Therefore, I will only approve a mortgage of $ 70,000. If we could add my income husbands (who makes $ 17.50 per hour) to be able to get a bigger loan, but unfortunately can not be added because of your credit score and all your debt. He owes some money to the old hospital bills and a loan of construction materials was a guarantee on. We've been doing these small monthly payments, but it will take a while before it was worth it. The loan officer told us that if we paid 3 or $ 4,000 in debt, then you may be able to use both our revenue and get approved for a loan .... Either that or pay some of my debts so my debt ratio is lower. Anyway, I had an idea, but I wonder if it is wise or not. I thought maybe I could get a personal loan of $ 10,000 and use $ 3,000 to pay her credit, $ 5,000 to pay what I owe on my car, and have a further $ 2,000 for a down payment. I thought if I did that my husband could add to the loan application and by paying my car I'm basically releasing a debt and I'll have another personal loan debt. Any advice would be greatly appreciated! We really want to buy a house soon and I can not imagine any other way to pay my debt as fast husbands.
Need Help with saving money and paying bills! Can Someone Help me????0Finch2012-09-14 00:45:05
I have 20 years of age and at least 8,000 in medical debt. I had Medicaid, but I give off when he turns 18. I think their was a way to keep medicaid to show proof that I was in school and elsewhere but I was too lazy to do it. I've been in college for 3 years and have since accumulated 8,000 hospital bill go to the emergency room. A bill for 3500 was for an ambulance to come and get me in the hospital for respiratory problems. My thing is I can do with this debt and how do I get rid of it. Do not tell me anything about how to get health insurance because they can afford it nor can my mom. Do not know my father and campus life. My mom has 5 other children to take care of that is receiving Medicaid, so I will not put pressure on it to pay my medical bills or get insurance for me. Trying to work and go to school, but it did not work because I was failing my classes. Classes or too expensive, so I will not waste my precious time ot wage job at some stupid mimunal school failure. I'm not a person who can do too many things at once. My question is how I can do something about the debt, and get a job. MedlinePlus I'm trying to get into medical school and was working class and not an option unless you leave school and get a job, then it might work. If I so much that could well leave my classes because it takes all my time and I fell. MedlinePlus MedlinePlus my question is what I can do about it, is I can as I am a college student who has no insurance? with all this medical debt. I have four credit cards and all are important over 1000 credit limits. paid and save. I can check my credit report and is perfect except medical bills. I have no lates repo or anything in my report. My son is shown but not taken into account until the end of school in eight years. I have a car loan on my credit report that my aunt is worth to drive and has always been paid on time, in fact, I have only one more year for that. So in a year I'll have a car loan paid in my report and more than 6,000 in credit that is avaible and paid in full on time with payments. I feel bad because I could not use my card to pay the debt, but do not want to use credit to pay the debt that will soon be too much debt. I think it's like most Americans are in debt up to your knee and I do not wanna be one of those people. It's bad enough when I finish school I will have atleast 150,000 in student loan debt, but which can be paid over a period of years after becoming a doctor in 8 years
How should I go about paying my student loans when I'm also saving for other things?0Sister. ° 2012-10-04 01:50:25
Are next month and I have about $ 15k in loans . I want to get rid of it as soon as possible , but I also want to start saving for a new car, my own place , etc. How should I go about saving vs paying my loans quickly .
Financial aid disbursement question really important!!!!!!?1Jessi2012-11-02 20:25:02
My financial adviser told me to wait until two weeks after the money is put into account in school to get my financial aid was refund.that October 16 12th.on school I have something tells me I have the money in myself in school I already knew because he said in my e- mail from the school take classes online . MedlinePlus MedlinePlus 19 then the bank gave me something that I'm getting my Stafford loan but not yet is it really coming.i check.when need a computer badly since taking online classes and is difficult to walk an hour to reach the nearest library to do my job . MedlinePlus MedlinePlus Do not know if it matters but I live in South Carolina and my school is in iowa
Very Important Financial Question. Please Help if you have info on this?0israa2012-10-19 15:53:30
I have no experience in this, but it is very important for me to understand . Does taking some of your principal on your loan automatically raise your mortgage payment or only back the repayment period. I need to know how the process works , for example. If I have 100K in equity and want to make 25k how it works. I've been looking online but can not really find anything concrete is all we found sites selling different products . Please only serious answers . Thanks in advance for your advice .

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