- This topic has 10 replies, 6 voices, and was last updated 9 years, 1 month ago by Anonymous.
- February 12, 2011 at 2:57 pm #411963AnonymousInactive
what interest rate are you paying on the student loans? what tax deduction do you get for the interest portion of the payment [if any]?
you balance the estimated net out of pocket cost against what you realistically think you can get by investing.
my personal rule of thumb is pay off the debt if the net cost is more than 1/2 what I honestly think I can get as an investment return.
btw, the long term average return on the SP500 stock index is +6.6% more than the current rate of inflation. So if you’re thinking you’ll get more than 9% return from investing in this stock market, you’re either a fine trader or dreaming.
- February 12, 2011 at 3:37 pm #411964AnonymousInactive
Keep 6 to 8 months worth of living expenses always socked away in a savings account or a cd.
No one, absolutely no one, should live without this.
^^^ Just make sure you have this first – as a friend.
You never know when you can lose a job, have medical expenes not covered by insurance, etc.
After that, I am a true believer in living debt free.
Pay off your student loans.
After that start saving aggressively for your retirement.
If you are 40 and haven’t started yet – it’s time to get seriously going.
Google retirement calculator
and see how much you will need to add yearly to what you already have in your retirement accounts…
- February 12, 2011 at 4:28 pm #411965AnonymousInactive
I have never regretted paying off my student loans. I did that before my house, before getting a new car and concurrent with 3% at work for retirement.
- February 12, 2011 at 5:19 pm #411966AnonymousInactive
Your in your 40’s & still have 12 more years of payments. Pay off those loans. Getting out of debt is always a good idea. Once that is done start putting those former loan payments into an retirement fund. If you have the option, start a 401k at work.
- February 12, 2011 at 5:22 pm #411967AnonymousInactive
40s and still have $ 70K in student debt? Pay it off.
- February 12, 2011 at 5:39 pm #411968AnonymousInactive
i dont think so that you pay now if you are a stage of retirement . if your loan is still have an ballance to pay than dont pay that amount if you not have that much money to pay back . I sugest you to do settlement with the bank.=========================
- April 16, 2011 at 5:16 am #198940AnonymousInactive
…credit counseling or debt consolidate? I would like personal experiences only, no sales pitches or heresay. Thanks!
Ok…So I got an answer of Consumer counseling…where do you go to get this? can someone give me a link?
- April 16, 2011 at 5:31 am #256588pennchobespeotoMember
i hope this will help u…..
- April 16, 2011 at 5:42 am #256788Katrice TisdallMember
I’m not sure where you live, but GreenPath is a reputable company.
- April 16, 2011 at 6:08 am #256902Roma ValentinoMember
I have personally used this site
The link on there is where I was told by a friend to help with my credit counseling and I must say It was fabulous. Its been great. Good Luck!
- April 16, 2011 at 6:08 am #256904dharadinsudiMember
I used Consumer Credit Counseling Services several years ago and they worked with my creditors to lower both my monthly payment and my interest rates. In 36-months I was debt free.
They are a free service and I would recommend them to anyone who is in need of their services.
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