Ask Terry Questions Paying Off Debt

Paying Off Debt

By Terry Savage on November 21, 2013 | Credit/Debt

Part of our debt is two car payments equaling a total of about $8000. For both payments, we have 0% financing for about another year. Would we be better off paying off the cars because they are debt or saving/investing that money?

Terry Says:  That depends on the rest of your budget.  It’s hard to make a recommendation out of the blue.  And I would suggest you get specific, professional advice which is available from the NFCC — National Foundation for Credit Counseling.  You can reach the nearest local office by calling 800-388-2227.  It is non-profit, trusted, free –and you can do it over the phone!

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