Euro Query

niamh19841

I am currently living in Australia due to the economic downturn. Basically I have a loan in Ireland for 13,000 euro. I have worked my ass off and finally have the amount to pay it off in one go. My question is what should I do? Should I hold off and see what happens the Euro? Or just pay it off? I can see myself paying it off and next thing with currency collapse doing myself out of a few grand? Advice please

massdebater

Might be better suited to the Economics forum but my advice would be to pay it off now. The longer you leave the loan unpaid, the more interest it will gain so you need to take that into account too.

If I were you, I’d pay it off in full now and don’t look at the exchange rate for another few months. That way you’ll have peace of mind that you’re debt free but won’t be sickened if the exchange rate changes.

Well done on getting it paid off too, it's the best feeling in the world finally being debt free. Only happened me last Christmas and I was 24,000 euro in debt a few years ago! :eek:

hussey

No one knows how currency will go up for down (or if they do they'll be very rich people and would hardly share)

But it makes sense to pay it off now, we are around record highs for the $, so betting it will keep going up is a high risk

and the dollar just went parity with US$ today

Zambia

I reckon now is the time well done on saving that much.