Re: Paying off early
02-25-2012 08:00 PM
That's the thing it's the only debt I have. Every month my cards report 0. I have a little over 5k left on the loan and the payment is a little over 240 a month. So, it doesn't hurt paying the payment. But according to my CU, payoff is in 2014 so i'd lose 720 in interest...I guess its small potatoes but I could save 720, by getting off of the 5k now. But like the other poster said its a positive tradeline (my first and only installment).
Only you can make the final decision of course but for me there is never an option besides paying off debt as quick as I can. That TL will continue to report in good standing for generally 10 years after being paid off and closed.