Newbie here, Advise needed on debts/pensions.

DaveyB94

Morning all,
I just wanted to say thanks to everyone :T
I have reguarly visited this site when I need guidance on financial matters and there always seems to be someone with the same problem and someone who has tried to help then already.
I have searched this question but cant seem to find it being asked elsewhere but apoligies if it already has.
I am thinking about pensions, I have a meeting with an independant pension advisor next week but I hoping for some advise before I go. I currently have a couple of credit cards worth about £3000 and a couple of loans for about £7500. Should I be focussing on paying my debts or start a pension anyway? I have never had a pension and I think I should start one soon but debts seem to me to be a priority.
Any help would be appreciated.

SunderlandBlackCat

DaveyB94 wrote: »

Morning all,
I just wanted to say thanks to everyone :T
I have reguarly visited this site when I need guidance on financial matters and there always seems to be someone with the same problem and someone who has tried to help then already.
I have searched this question but cant seem to find it being asked elsewhere but apoligies if it already has.
I am thinking about pensions, I have a meeting with an independant pension advisor next week but I hoping for some advise before I go. I currently have a couple of credit cards worth about £3000 and a couple of loans for about £7500. Should I be focussing on paying my debts or start a pension anyway? I have never had a pension and I think I should start one soon but debts seem to me to be a priority.
Any help would be appreciated.

It depends on a number of factors but off the top of my head 2 of the biggies are your age & whether you have a mortgage.

bargainbetty

I think the usual wisdom is clearing debts before you save. Most savings systems offer less interest than debts charge you, so the cost balances.

If you have extra to put in your pension, why not throw it at your debt for a while?

The pension advisor will tell you you have to start saving NOW! In theory, if you can, you should, as the state pension is poor, but clearing your debts first would probably be smarter.

Unless all your debts are at 0% for their lifetime.... which is unlikely in this uncertain world

Good luck x

DaveyB94

I am 27 years old and dont have a mortgage as I was not able to get one, (which looks like a blessing now though). I am currently renting and recently had decided to try and sort out all my finances. I hadn`t realised it was such a big task when I started.