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Help please!
FulhamAustin
Posts: 10 Forumite
Morning everyone,
I am a long time reader and a newbie on here, so am not sure if I have posted this in the the right section...
I am currently paying off mine and my girlfriends overdrafts (we live together) and we are also saving to buy a house. We have approx £500 spare each month to pay between debts and savings.
My question is, is it better for us to pay £500 a month off debts, and once this has gone start saving (saving interest charges etc) or should we save and pay off, proving to banks we can save money over the long term?
Many Thanks!
I am a long time reader and a newbie on here, so am not sure if I have posted this in the the right section...
I am currently paying off mine and my girlfriends overdrafts (we live together) and we are also saving to buy a house. We have approx £500 spare each month to pay between debts and savings.
My question is, is it better for us to pay £500 a month off debts, and once this has gone start saving (saving interest charges etc) or should we save and pay off, proving to banks we can save money over the long term?
Many Thanks!
0
Comments
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In general, if you are paying a higher APR on your debts than you can earn on your savings then pay off debts otherwise consider savings.0
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