Should you pay off your HECS debt sooner?
Episode description
Inflation is forecast to hit 8 per cent this year, bumping the price of everything from petrol to health insurance.
It’s particularly bad news for anyone with student debt, which is indexed with inflation each year on June 1. This could mean an increase of nearly $2000 for someone with an average HECS debt of $23,685.
On this week’s episode of It All Adds Up, we ask if it’s worth repaying some of your HECS debt ahead of time, or if it’s best to just let it ride and slowly pay it off over time.
It All Adds Up is the podcast where we make money easy to understand so that listeners can begin building their financial wealth. You can submit questions via email or voice memo to italladdsup@nine.com.au for us to answer each week.
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