Episode 16: Pay down debt vs investing

Episode 16: Pay down debt vs investing.

Published May 5, 2025

Wondering whether to pay off debt or start investing? You’re not alone—this is one of the most common financial questions we get. In this episode, we’ll break down how to balance both so you don’t have to sacrifice your future to catch up with your past.

Darren Devine, CFP®, CLU®

Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.

Hello, and welcome to Money Monday, where we help simplify your financial journey. I'm Darren Devine, Financial Planner with Sun Life and President of Devine & Associates. Today, let’s tackle a common question: Should you pay down debt first or start investing? The answer? It depends.

First, look at your debt. High-interest debt—like credit cards—should be a top priority. Paying it off gives you a guaranteed return by eliminating high interest charges.

Next, consider your financial goals. If you have lower-interest debt—like a mortgage or student loan—it may make sense to invest while making payments. Why? Because long-term investing can help generate returns that outpace low interest rates.

For most people, the best strategy is a balanced approach—paying down debt while also investing for the future.

Everyone’s situation is different. If you’d like help creating a plan to tackle debt while building your financial future, we’re here for you. Let’s build a plan that works for you.

Thanks for tuning in. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!