Depending on what you are borrowing for, debt itself is neither an enemy nor a burden. In fact, debt can become a great enabler in the wealth creation process as access to credit can make all the differences.

However, debt or borrowing that leads to debt becomes an enemy when it is used for unproductive venture. Usually in such circumstances, it becomes difficult to service and therein lies the problem.

Paying off debt or saving money is a personal finance dilemma that many people face today. But it is important to note that both are very important financial goals.

While clearing your debt is essential as it brings a new certain kind of freedom but it is advisable to put aside 10-20 per cent of your income into your savings account in order to plan for an emergency or even provide resources for future investment. Undoubtedly, debt repayment can affect you from reaching your financial goal if you do not plan for it to accommodate some levels of savings.

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