Jeremy has been out of school for two years, has a good job, and recently got a raise. He is excited about investing and always puts part of his check into savings. Although he was $6,500 in debt left to pay, he is making more than the minimum payments and should be debt-free in 15 months. Should he continue to save or pay off his debt?

Question

Mareli Sanford

Business

22 August, 15:29

Jeremy has been out of school for two years, has a good job, and recently got a raise. He is excited about investing and always puts part of his check into savings. Although he was $6,500 in debt left to pay, he is making more than the minimum payments and should be debt-free in 15 months. Should he continue to save or pay off his debt?

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Answers (1)

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Rachael Ali · Answer 1

Jeremy has to continue to save.

Explanation:

Jeremy should keep saving his money. In case a situation arises, he needs to keep saving his resources and he needs the money for something else than he has got into trouble. Jeremy will adhere to his spending strategy to pay off his loan within 15 months. by follow these process he will continue his saving as well as repay the loan also.