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Paying off debt early comes with benefits, like freedom from monthly payments, saving money on interest and improving your credit score.
When deciding which debts to pay off first, consider its type, interest rate, outstanding balance and impact on your credit score. Some strategies to pay off debt effectively include the ...
Here are scenarios for when each choice – paying down debt or saving – makes more sense.
Prepayment is the early repayment of a loan by a borrower, in part (commonly known as a curtailment) or in full, often as a result of optional refinancing to take advantage of lower interest rates.
An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; [1] normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage loan, for example, is a type of installment loan.
Using a debt payoff method such as the debt avalanche or debt snowball can help you prioritize paying off higher-interest debt, allowing you to make the maximum impact on paying down your debt.