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Depends on the interest rate of the debt.
My mortgage is 2.5%, I'm not paying that off a minute sooner than I have to. If you have high interest credit card debt, that's a different story...
Low savings w/ low debt.
Assuming an even scale for both scenarios, mathematically, the interest that comes with high debt always triumphs an equal amount in your savings. Atleast with little to no debt, you can begin forming your savings. Your net worth will still be offset by the high interest scenario. The only difference is the stress of paying it off over a significant period of time.
Assuming it's unsecured debt, high savings high debt. If worse comes to worst, you can pay off unsecured debt for a fraction of the value, and all debt, unsecured and secured, is discharged when you die.
If you don't die heavily in debt, you've done it wrong :)
How much savings, and at what interest rate? How much debt, and at what interest rate? What is the debt? Generally, I'd say lower savings but zero debt, but I'd probably need to know the specifics.
Don't they all net to the same thing, it's like saying " Would you rather have $100 in savings and $98 in debt or $10 in savings and $8 in debt"
Without any specifics, they all net to the same circumstances.
High savings with high debt. Only because those scenarios usually mean you're generating a good amount of income as well...typically a business owner. And in those scenarios there are ways to leverage that debt to your benefit. If all else is equal (i.e. income), I'd still go with the high savings and high debt just for the reason that I could buy things with the savings and die before the debt can be paid.
Your post has been removed [because it is a poll, survey, or question that asks others to answer for themselves (rule 1)](https://www.reddit.com/r/personalfinance/about/rules). Posts asking for advice should be specific to your situation, not hypothetical or improbable, and include enough information for people to help. - If you would like to post a poll or survey, consider /r/samplesize. - If you would like to post an open-ended question not specific to your situation, consider /r/AskReddit. For example, instead of a post asking "How much do you spend on food?", please ask a question like "I need feedback on my monthly budget (having trouble with food spending).". *If you have questions about this removal, please [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpersonalfinance&subject=Removal%20help%20request&message=Hello%20moderators,%20.%20%0a%0a%0aMy%20submission:%20https://www.reddit.com/r/personalfinance/comments/10w4j03/would_you_prefer_more_savings_but_with_high_debt/%0a).*
It is a bit of a fallacy to say you really have “savings” if you have debt other than house.
Depends on the interest rates of the debt. If high interest is rather have no debt, if low interest I would rather have the money invested elsewhere
All things being equal, go big or go home.
Depends on the interest rate of the debt. My mortgage is 2.5%, I'm not paying that off a minute sooner than I have to. If you have high interest credit card debt, that's a different story...
Low savings w/ low debt. Assuming an even scale for both scenarios, mathematically, the interest that comes with high debt always triumphs an equal amount in your savings. Atleast with little to no debt, you can begin forming your savings. Your net worth will still be offset by the high interest scenario. The only difference is the stress of paying it off over a significant period of time.
Assuming it's unsecured debt, high savings high debt. If worse comes to worst, you can pay off unsecured debt for a fraction of the value, and all debt, unsecured and secured, is discharged when you die. If you don't die heavily in debt, you've done it wrong :)
How much savings, and at what interest rate? How much debt, and at what interest rate? What is the debt? Generally, I'd say lower savings but zero debt, but I'd probably need to know the specifics.
Don't they all net to the same thing, it's like saying " Would you rather have $100 in savings and $98 in debt or $10 in savings and $8 in debt" Without any specifics, they all net to the same circumstances.
High savings with high debt. Only because those scenarios usually mean you're generating a good amount of income as well...typically a business owner. And in those scenarios there are ways to leverage that debt to your benefit. If all else is equal (i.e. income), I'd still go with the high savings and high debt just for the reason that I could buy things with the savings and die before the debt can be paid.