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403b or pay off debt?

Started by Deleted user
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Deleted user

I have a bunch of credit card debt but the opportunity to open a non matching 403b. Should I wait until I have the debt under control?

Deleted user

I just read the article of the day that addresses this, at https://www.saverlife.org/money-101/when-should-i-start-investing. Essentially, because of compound interest, it's best to start saving as early as you can.

A good thing to keep in mind too is the balance of the return on your savings investment versus the APR on your credit card debt. If you have 22% interest on credit, but only 8% return on your 403(b) savings, you are losing the opportunity to keep that 14% difference.

H

Hoi W.

If you debt has high interest, i would consider paying them off first.

A

Abigail S.

I just read the article of the day that addresses this, at https://www.saverlife.org/money-101/when-should-i-start-investing. Essentially, because of compound interest, it's best to start saving as early as you can.

A good thing to keep in mind too is the balance of the return on your savings investment versus the APR on your credit card debt. If you have 22% interest on credit, but only 8% return on your 403(b) savings, you are losing the opportunity to keep that 14% difference.

Thank you for this link

Deleted user

I just read the article of the day that addresses this, at https://www.saverlife.org/money-101/when-should-i-start-investing. Essentially, because of compound interest, it's best to start saving as early as you can.

A good thing to keep in mind too is the balance of the return on your savings investment versus the APR on your credit card debt. If you have 22% interest on credit, but only 8% return on your 403(b) savings, you are losing the opportunity to keep that 14% difference.

Thank you for this link

Welcome! Glad it was helpful.

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