Originally Posted by shezzbeav
Had a $3k debt with Telstra, which I'm still paying off. Should be done sometime next year.
Will have around $20K debt after I graduate from uni, however, I am planning to open a high-interest savings account early next year so I can put some money away in order to reduce the $20K debt with a lump sum payment, so that it can be paid off quicker, rather than having to pay it off for the next 10 years.
Its better to pay off your debts before you invest money. Those high interest banks will disappear soon. AIG was 4-5% saving interest and they are gone now. Soon others will lower their interest rates.
Always pay off your debts before you begin saving or anything. Its very difficult to do both and you will have budget buster.