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Is insurance payment more important that paying back debts?

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I don't know whether or not this is the right platform. Should I give more importance to paying back debt or to purchase an insurance policy say for home and car. The insurance company also demands quite a lot. And, how to pay to the insurance company? It creates a problem in the budget to make insurance payment in that month. Have to curtail elsewhere. i am having debts too.

Both are important for different reasons specially after the Covid-19 outbreak. We don't know what the economic situation will be after a few months. So it's best to pay off debts quickly. If you don't have a job next month, then it would be even more difficult to pay off your debts. as far as insurance is concerned, auto insurance is a must by law if you have a vehicle. If you're a responsible driver with a good driving record and credit score, then you can request for a lower premium. You can but a home insurance policy later.

Sub: #1 posted on Thu, 03/26/2020 - 03:31

David Martin David Martin

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Hey Friend!

You have not mentioned here what kind of debts you have? Is it a secured debt or an unsecured one?
I am assuming that you have credit card debts which means you are falling under the unsecured debt category.
I will recommend you to deal with your debts first. You may opt for the Debt Consolidation Program or take out a Debt Consolidating Personal Loan to pay off the debts. By opting for these 2 tricks you are going to save some money for sure.

After paying off your debts next you may think about buying necessary insurances.

However, if you are seeking more expert advice you are welcome to dial this phone number.


Thanks! Keep posting!

Sub: #2 posted on Thu, 03/26/2020 - 21:12

Ryan Miller Ryan Miller

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See, both are important, so you have to manage both. So, why don't you follow a budget? Try to create a budget and include both of these expenses so that you can manage with other expenses. Do it and let me know the result.

Sub: #3 posted on Fri, 03/27/2020 - 04:02

Sanders Patricia Sanders Patricia

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As David Martin said, we really don't know how will be the economic situation after some months! But let me tell you, you can do both at the same time! You can consolidate your debts to pay off with ease and save money on your interest payments! And you can stash those saved dollars for your insurance payments.

Sub: #4 posted on Sun, 03/29/2020 - 11:14

Craigh.terry Craigh.terry

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If you don't pay your debts, the interest payments may get added up. And, insurance payments are also required. Therefore, analyze your finances, and if possible, clear your debts. It will help you save more. The need of the time is to save for emergency purposes.

Sub: #5 posted on Fri, 04/03/2020 - 02:22

Mabelle Page Mabelle Page

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