You’re sailing through the month with no financial worries. You’ve applied successful saving strategies and stopped wasting money. Now that your savings are starting to grow; you’ll discover new challenges about making decisions for the best use of those funds.
In most cases, the tough decision is between using the funds for investment or paying off debt. While both are essential for your financial health, all you need to do is prioritize what’s more important at the time. Before moving further, let’s take a look at what paying off debt and investing for your future means, one by one.
Pay off Debt or Invest?
When you pay off your debts or even begin to pay them off, you may experience some sense of relief. So once you’ve paid off all your loans, credit cards, and title loans if you live in Phoenix, you can live a debt-free life. Moreover, the debt you hold and your ability to withstand personal emergencies are usually inversely proportional to each other.