No requirement of credit card check? Is it really possible? Yes this is what makes payday loans so much in demand in the contemporary times. Payday loans are especially designed to help those who are suffering from shortage of cash. The process of their pay cheque being at hand will take some amount of time and it is exactly here w... Read more
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The Question comes to me quite often. "Should I pay off my debt with the extra money I have or invest it?" My response is always the same: "Isn't paying off your debt a good investment?" I love answering questions with questions because it makes me feel really smart.
Isn't it logical to think if you save yourself from paying interest on debt, in a way, you are making money? Now of course the money you are saving from paying off debt is a future savings, therefore, an investment. Most investors will not make an investment decision without a projection of return on investment. Assume an average return on investment with moderate risk is about 10% to 11.5% over a period of 20 odd years. The average credit card debt interest rate is 12.99%. Can you see the financial return on investment? The main difference between paying off debt and making an investment is risk. The investment is not guaranteed to produce (Hence your risk) The debt, however, is guaranteed to keep charging interest. Most individuals no nothing about investing at all, and most people don't know the first thing about how to speed up the debt elimination process. If you could pay off your mortgage 3 times faster wouldn't that be a smart investment? So now we are coming to a highly important point. Having an investment make huge gains is much like paying off debt quickly. The question remains, how do we as people in debt, pay off our debts at an accelerated pace? There are only a few ways. One is to decrease the rate of interest. Another is to decrease the term, which will of course increase our payments, or the final way increase the payment activity and payment amounts. If you learn how to leverage your lines of credit against one another you will be on your way to paying off your debt at an accelerated rate. We have determined this is a fantastic way for you to invest your money until you are debt free.
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