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Mass debt currently focusing on the now rather than later life

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  • Moneywhizz
    Moneywhizz Posts: 517 Forumite
    Part of the Furniture 500 Posts Photogenic
    I think it would be a good idea to prioritise saving for your house deposit rather than putting all your money to paying off debt. Obviously you don't want to be paying interest on the debt but it is likely that you would be able to get more interest free deals when the current ones run out, if you haven't paid it all by then. I would put all your details into a mortgage calculator to find out how much you would be able to borrow while having your level of debt. You then know what you need to save/pay off before you are able to buy. The sooner you can buy  the better rather than continuing to pay out £700 monthly on rent. A mortgage might well be cheaper which would free up more money towards your debt. 
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