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.

The Golden 1 Credit Union
(559) 297-3276
2970 E Nees Ave
Fresno, CA
Modesto Paralegal Services
(209) 521-9447
140 Mchenry Ave
Modesto, CA
Help N Hands Credit Assistance
(209) 938-0910
635 N Hunter St
Stockton, CA
McKnight Law Offices
(661) 325-5977
305 Truxtun Ave
Bakersfield, CA
Fiscal Credit Union
(818) 553-8200
310 E. Colorado Street
Glendale, CA
Consumer Credit Counseling
(661) 324-9628
5300 Lennox Ave
Bakersfield, CA
United Local Credit Union
(559) 227-8329
3650 E Ashlan Ave
Fresno, CA
Bay Area Credit Service
(408) 392-4401
97 E Brokaw Rd
San Jose, CA
Consumer Credit Counseling
(866) 331-2227
730 Broadway
Chula Vista, CA
Zerodebt USA
(949) 752-0501
1820 E Garry Ave
Santa Ana, 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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