Is it a bad idea to pay off a loan early?
16.1.2023 16:37
No. Never.
It is hard to comprehend just how expensive debt can be. It has financial repercussions, an emotional cost and steals you of your peace, when other expenses mount up.
When you service your credit card debt of around 24% annualized, be extremely mindful of the fact that this debt costs you a lot more than you can ever earn elsewhere. Even if you are servicing a much cheaper loan – say 12% per annum, once you clear it there is an immediate return there.
It is hard to comprehend just how expensive debt can be. It has financial repercussions, an emotional cost and steals you of your peace, when other expenses mount up.
When you service your credit card debt of around 24% annualized, be extremely mindful of the fact that this debt costs you a lot more than you can ever earn elsewhere. Even if you are servicing a much cheaper loan – say 12% per annum, once you clear it there is an immediate return there.