Carnival of Debt Reduction

A blog carnival about reducing consumer debt


Flashback: Choose carefully which debt you repay first

Free Money Finance hosted Carnival of Debt Reduction #12, and the post by Retire at 30 entitled Don’t Repay Your Student Loans isn’t exactly the crux of the post, but the point inside is a good one.  Some loans are worth paying off early.  (Actually, all non-productive loans are worth paying off as quickly as possible.)  But given the choice between a credit card balance and a student loan, paying off the credit card balance before accelerating the student loan payment is usually a good thing.  The terms of a student loan are usually a whole lot better than credit card terms.  In the case of Retire at 30, the student loan interest rate was 3.43% which is actually less than inflation now, so it’s really super cheap money.  It may be even advantageous to invest the money instead of pay it off early.  So, the point of the article is, pay off the debt, but if the terms are really good, don’t necessarily hurry.

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