Pay off the debt first

Freedom asks: Am I doing the right thing by starting an investment even though I am under debt review?

Maya replies: Your priority is to get out of debt first. That is costing you more than the money you would make from investments. For example, if you have short-term loans you are probably paying about 25% in interest. There is no investment that can guarantee you that kind of return.

Use all your extra money to get out of debt review as quickly as possible. Once you are out of debt review, then the money you were using to pay off your debts you can start to use to invest.

Read more news, blogs, tips and Q&As in our Smart Money section. Post questions on the site for independent and researched information.

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Maya Fisher French
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