If I continue making my payments the way I’m making them, I anticipate having them paid off 100% in the next six months anyway. My average interest rate is 3.86%. Is there any benefit to me continuing the payments, or would paying them off in one fell swoop be better (with the obvious avoiding interest benefit)?
I’d also like to buy a house in the next year and a half. So my goal is to pay them off and then save as aggressively as I’ve been paying off my debt for a down payment. I have little to no consumer debt, so that isn’t a concerning factor.
If I use my savings, I have nothing. My car is 18 years old, and in need of repairs more frequently. So my savings has been my “emergency car/life fund.” I’m afraid to lose that. That would be the major downside to me.
I feel like the answer is obvious, but I just want to hear others’ opinions.
Submitted December 06, 2018 at 11:01AM by lmg080293 https://ift.tt/2AWGddb
