Rob A asked:


I have student loan debt with pretty low interest rates (5% and 3% respectively). Is it better to put extra money toward paying off the student loans quicker or putting that extra money into an IRA and/or good mutual funds which would ideally earn a higher interest rates than the loans?

John’s mommy asked:


So I have heard so many things, pros and cons, about debt consolidation. Before I head to the professionals, I need some help. I am getting married next month. My fiance and I will get a joint checking account….but between the two of us we are about $25000 in debt, including student loans. We also want to be first time home buyers very soon. Anyone have any advice on what we should do that would be best for the both of us and MANAGEABLE!!!!
I know debt has nothing to do with checking accounts. I’m talking about debt consolidation/morgages/home equity loans here. I was stating the fact that we will get a joint checking account.

Elysia asked:


Are you able to make your payments? I am just curious what everyone else is doing. So far, I have about $20,000.00 in student loan debt for 4 years of school (I have a bachelors in psychology now). I am going on to graduate school and student loans are going to have to cover all those costs too, including me getting a used car for a few grand. Is everyone else spending all this student loan money too?

on_the_bb asked:


I have $5200 in savings. I have a credit card that has $3200 on it.

I just bought a house and believe I am living simply and within my means. After all mortgage payments, car loan, student loans, and the above mentioned credit card, I have about $555 for the month.

If I consider electric and phone/internet that’s about $150. Leaving me with $405 for gas and groceries. Sewer and water bill are negligible.

The credit card has a minimum payment of about $80 monthly.

I’m most comfortable having the least amount in monthly expenditures.

Would it be wise to just pay off the credit card with the money from savings and free up that $80 each month? I’d then have about $2000 in savings and would hopefully be able to save a little bit each month, but my monthly expenditures would be less.

Advice appreciated.