Should You Pay Off Your Mortgage and Other Debts as Fast as Possible?

Paying off debt as fast as possible sounds like an obvious financial win. It can mean less interest, fewer repayments, and more money left for you.

But when you have a mortgage, investment debt, personal loans or money sitting in an offset, the smartest move is not always as simple as throwing every spare dollar at the balance.

Which debt should you tackle first? Is refinancing actually saving you money? Could consolidating debt make things worse? And are there some debts you may be better off keeping while you focus your money elsewhere?

In this episode, Paul looks at the decisions that can make the biggest difference to how quickly you get ahead, without falling into the trap of treating every debt the same way.

If you are earning good money but still feel like repayments are swallowing too much of it, this episode will help you work out where your effort could have the greatest impact.

In this episode:

Why paying off the smallest debt first can sometimes beat the mathematically "best" strategy

The reason a lower interest rate can still leave you paying far more in the long run

When consolidating debt can help, and the detail that can completely undo the benefit

Why the debt with the highest headline rate may not actually be your most expensive debt

How your offset account could be doing more of the heavy lifting

The point where refinancing may be worth considering