Welcome to SaverLife

Get Started
SaverHub
Community forum
Log In
Help

403b or pay off debt?

Started by Deleted user
Followed by: @Tia @Theresa @Marquita @Maria @Patricia @Kiara @Nicole @Thomasina @Luis @Ashley @Dawn @Kimie @Tracy @Edwina @andrea @"Sherrie D" @Shaira @Lanna @Celeste @Mindy @Monica @Brittany @Roberta @This @Neosha @Jessica @Christine @Katie @Shannon @Kirsten @Heather @Christy @KIMBERLY @JessaLynn @"Lisa AKA Smallz" @Sabrina @Scott @Alicia @Angela @Alicia @Kristina @Shamika @Angel @Michael @ALEXIS @Leonel @Melody @Tori @Ashley @krystal @Joanne @Lashanda @Takeshia @Lashonda @Melissa @Amber @Gobby @Suzanna @Kristen @Shalanda @Melissa @Brian @Crystal @Angela @Ashley @April @Ohsha @Brittany @Yajaira @Misty @SABRINA @April @Christy @Rosa @Jennifer @Carmen @Donna @Yshaunda @Aaron @william @Lakisha @Denishia @angel @Lorie @Megan @Veronica @Samanthia @JOHN @Amonte @Paula @Adriana @Jessica @Ericka @Donald @Chrystal @Travis @Deborah @Latoya @Lisette @Amy @Timneshia @Angela @Luz @Cherrie @Felicia @Elizabeth @Charlene @Melora @Lisa @Joshua @Erica @Michelle @Nikita @Elena @Arendena @Yvonne @Ninna @Armonie @Shalanda @Denise @Esequiel @Summer @Ashly @Chrissy @Ronald @Jeremy @Amanda @Stephanie @Destiny @Tim @Edward @Destiny @Willie @Elaine @Juliann @Kevin @Autumn @Eva @Tina @Tabitha @Jessica @Lashonda @Crystal @Jaymar @Priscilla @Karen @Daisia @Taylor @Lisa

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.

HW

Hoi W.

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

AS

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.

Add a post