Debt And Investments Coalinga CA

Personal finance expert Mike Schiano explains why it's best to pay off your debt first rather than investing the money elsewhere.

Consumer Credit Counseling
(866) 331-2227
730 Broadway
Chula Vista, CA
California Consumer Credit
(323) 667-9999
4216 Fountain Ave
West Hollywood, CA
Fresno Police Department Credit Union
(559) 233-1788
1004 N Van Ness Ave
Fresno, CA
Affordable Aid
(209) 477-7000
1201 N Center St
Stockton, CA
Aurtion Solutions
(530) 898-0220
1074 East Ave
Chico, CA
Richard L. Poland
(562) 437-6418
333 W. Broadway Ste 200
Long Beach, CA
Credit Card Debt Consolidation
(435) 250-3416
443 Van Ness Ave
San Francisco, CA
Consumer Credit Counseling
(888) 684-2227
1920 Old Tustin Ave
Santa Ana, CA
Fresno County Federal Credit Union
(559) 252-5000
175 N Clovis Ave
Clovis, CA
A American Debt Consolidation
(530) 343-8720
301 Broadway St
Chico, CA

Debt And Investments

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I am going to be a college senior and currently I have $11,800 worth of student loans. My internship this summer is paying me very well and I would like to start investing in a Roth IRA. I would also like to take this last year loan-free. However, with investing in an IRA I won't have as much to pay for this last year, which will possibly mean that I have to take out my loan. What should I do, take out the loan and invest in a retirement account or pay the year off? (The loan would be for $5,500 and the initial retirement investment would be $1,000).




My advice is standard when asked whether to start saving or pay off currently held debt. Always pay off the debt first. Especially taking into account the way the stock market is acting these days, if I were in your position I would attack debt now and avoid taking on additional debt if I could.

There will be plenty of time in the future to begin investing. In the meantime, if you want to start to save some money at a decent interest rate, plenty of online banks are paying 4.5% or more interest on savings accounts.

Good luck and please keep us posted.

Mike Schiano

"The DebtBuster"

Listen to a Money Minute with Mike at:

Visit and read Mike's book, "Spend Your Way to Wealth."

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