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/biz/ - Business & Finance

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56110292 No.56110292 [Reply] [Original]

My £15,000 student debt will get written off in 2044.

Should I keep slaving £70/month until then, or should I go balls deep in paying it back ASAP (£500/month)?

First option is more expensive, but means I can invest money now.
Second option pays less interest.

>> No.56110754

>>56110292
Do the math and choose the bigger number

>> No.56110760

>>56110292
>Should I keep slaving £70/month
Where the hell do you live? How do people work for this little money? You gotta be compensated with free shit or something damn

>> No.56110805

>>56110760
im retarded, you meant paying 70 euros. not that your salary is 70 euros. im gonna kms

>> No.56110888
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56110888

>>56110805
Sorry I guess slaving is a confusing term in this context.

>>56110754
£70 gives a much bigger number after 5 years.
£500 gives a slightly bigger number in 2044.

It's not set in stone, because the £70 will increase with my salary, and the interest rate is variable. I only can do my best estimations.
I'm leaning towards lower payments, even though I don't fancy being a debt slave for 20 years.