Many people find themselves uncertain whether it is a wise course to add money to their savings accounts or to standing investments while trying to pay off their outstanding debts. The essence of the question is really about whether this makes any sense. The answer is sometimes far from simple and requires an examination of the individual’s circumstances rather than some ready-made solutions. The difficulty lies in the fact that most people try to do both regardless because it they have important reasons for their savings and investments. Retirement, a child’s college tuition, and the purchase of a new home are all powerful incentives to put away the money rather than pay off the debt.
At the same time, there may be some form of answer for those who still want to know. What it really comes down to is learning how to identify and separate your good debt from your bad debt. You might wonder, “What do you mean by good and bad debt; isn’t all debt a bad thing?” While it may seem strange, there are some forms of debt that can be a good thing at least to a point. […]

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