PAYING OFF A LOAN EARLY can add up to savings and freedom from debt. But do the benefits of paying off a loan before the term is up outweigh the drawbacks?
Before you make a move, weigh the pros and cons of paying off debt early.
- Pro: Paying off a loan before it matures can save you money.
- Pro: You may improve your credit profile.
- Pro: You will have more freedom from debt.
- Con: You might starve an investment to feed your debt.
- Con: You might be penalized.
Keep reading about the pros and cons of paying off loans early.
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