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Source: GreenPath Financial Wellness
A common question many people ask is if paying off loans early is a good option for borrowers. It is possible that paying off loans 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?
According to the article, the pros of paying off debt early include the following:
- Paying off a loan before it matures can save you money.
- You may improve your credit profile.
- You will have more freedom from debt.
The article also outlines the cons of paying off loans early:
- You might impact your budget or investments to feed your debt.
- You might be penalized.
Source: GreenPath Financial Wellness
As the COVID-19 pandemic continues, people all over the country are feeling its financial ripple effect.
For most of us, and especially for the 32 million workers who do not have paid sick time, the idea of missing work because of an illness or a shutdown is financially daunting. What do you do if you are suddenly and unexpectedly unable to work and you have no income? These five steps will help you stay as financially healthy as possible if you experience an interruption or loss of income.
Source: Consumer Financial Protection Bureau
This article was originally posted on March 19, 2020 and has been updated on July 27, 2020 to reflect new information.
If you are having trouble paying your bills, you may be worried about what will happen to your credit reports and scores. You can use the information in this article to manage and protect your credit during the COVID-19 (Coronavirus) pandemic.
