Paying off debt?

>21 years old
>$24,000 savings
>$22,805 student debt
> ~ 41k salary
My goal by the end of the year is to buy a house, and soon I need to get a decent car since my transmissions breaking.
Would it be best to pay off all of my debt first, or half? Just trying to get an idea of a game plan for myself.
I know I need to keep some savings but it would be stupid to pay $100 a month purely for interest when I have enough saved up to pay for all of it.

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Bro literally pay off all of your debt right fucking now. Why are you holding more cash than your loan amount? Cash is losing value by the hour. Pay your fucking debt and then get an FHA loan if you still want that house

I completely feel that, especially now there is talk about more stimmys so we will continue printing more money.
But it still feels like I would put myself in a shitty spot leaving myself only 1k. I mean if I buy a house im just gonna take out another loan for more money. At least I could afford the down payment, right?

if you can earn more investing than the interest then dont pay more than the minimum
if you cannot earn more than the interest then pay the debt
it really is that simple
as a general rule, if the interest is less than 6% it would be a bad idea to pay it off faster than you have to
although if you want to take on new debts, which you do, you might need to pay off existing ones first but inquire about that first

pay off your debt. you can't afford a mortgage. maybe in 5-10 years when you're making more money. also this current market is fucked, i'd stay out.

>Why are you holding more cash than your loan amount?
>Cash is losing value by the hour
thats exactly why you dont pay off your debt dumbass: not only is cash losing value so is debt
although i agree dont generally hold fiat, inflation basically pays off your debt for you

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you cannot afford a mortgage. You should be debt free before buying a house. Try to increase your income. Always put 20% down on the mortgage, and never spend more than 1/3 of your take home pay on rent or monthly mortgage payment or you are house poor. See pic related for advice

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Exactly, soon that 22k student loan will be worth less than a 1995 honda civic. OP should just buy his house now when rates are low, or invest in an appreciating asset.

>hold denbts
>buy house
You will get raped on your debt to income ratio and will not be approved for a home loan.

Everyone keeps saying to hold off on buying a house, "wait for the market to fix itself." But is the house market really going to do that?
I have a feeling it can only keep going up with all this inflation and limited resources. So now might be better than later? But im not an expert this is just observation.
But ill be damned if I pay rent and that money doesnt even invest in owning the property. Id rather live at my parents rent free.

>the solution to debt is getting in more debt
retard

Are you fucking stupid?

Right now inflation is high so getting a fixed rate loan on a house means inflation is literally paying your house off for you. The '08 bubble was based on different conditions. What we are seeing now with high prices is due to a lack of supply. Nobody wants to live in the ghetto.

brainlet doesn't understand highschool economics.

Nobody knows. If the house market crashes blackrock will buy everything anyway, meaning it won't be a real crash just a redistribution of actual wealth from retards. You can either get real estate, or another inflation resistant appreciating asset. There is 0 reason to pay your debt outside of minimum payments when inflation is so high right now and will only get higher.

Living at your parents and investing your money is the only real move. Rent is for retards. Better to live in a van than rent, better to buy a house that will probably appreciate and withstand inflation.

Crypto and PMs are also good. Absolutely don't put everything into crypto but like 10%-20% in btc/eth and a little more on some shitcoin might pay off. A house is maybe the smart move but there's so many unknowns in the current climate and what's coming it might even be smarter to just buy some gold and silver and wait for everything to shit itself

god this shit is just such fucking stupid advice

literal brainlet tier bullshit from dumb fucking boomer bozos. Too stupid

price of goods rising, war imminent, corruption at all time high. with how unstable everything is now is the absolute worst time to be in debt.

It is literally the best time because your debts are about to be wiped off the face of the earth

Only hard assets that withstand inflation that you can prove ownership of are going to survive. Cash is worthless, which extends to debt

Debt aversion is the biggest brainlet move you can possibly make in life. You have to be really frugal and smart to overcome the totally asinine and peabrained mentality you have. Just making everything harder on yourself

That is a valid concern, but consider this: mortgages have a fixed interest rate. This means you will only pay a certain amount of interest over the life of the loan no matter what. As long as that interest rate is lower than the rate of inflation, and you can buy what you want for a decent price, then your golden.

If you’re American, research FHA loans. There are all kinds of government programs for first time home buyers that give you free money and other shit

>Living at your parents and investing your money is the only real move.
Yeah I'm not moving back with my parents when I have a wife and kid dumbfuck
You fucking losers come up with the most incredible cope but where's the fucking house?
All of the losers I went to highschool with have been living at home since then and still no house

Two rules of learned in a home buying workshop 20 years ago
No more than 28% of your gross pay should go to housing (Pinciple, Interest, Taxes, Insurance (PITI))
No more than 36% of your gross pay should go to total debt (mortage, auto, SL)

$41k salary * .28 = $950/month PITI, roughly 30% of which will be TI, so ~$666/month to PI @ 3.5%. Thus you can afford to repay a loan of about $150k. So if you have ~$40k in cash, you can borrow $150k and buy a $190,000.

Conventional wisdom would suggest that you save up ~$40-50k in cash, which you might be able to do in two years, while systematically paying down your existing debt, AND NOT ACCRUING ANY MORE. But these are not conventional times.....

>Id rather live at my parents rent free.
Nigger if you can live at your parent's house rent free, pay off your debt, and stack cash like mad while you can and worry about all this shit in 2 or 3 years when you find a woman or your parents kick you out.

Then live in your house you fucking retard, are you saying OP should throw caution to the wind and just get a house right now with a high debt to income ratio and a low salary? You're fucking stupid, shut the fuck up, this thread is about OP not you you brainless fucking nigger

stupid niggerbrain, awful advice, no nothing doesn't understand the world, will live life as a poor slave because too stupid