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A Poll: Now or Later

March 2nd, 2013 at 08:39 am

Yesterday was payday and I did find some money to put on the truck loan. I sent in $593.81 to be applied to the principal balance.

Our new loan balance is $1,439.34.

We are under $1500. So, so close!

This loan WILL be paid off by the end of the month. Right now I'm just contemplating when that will be. It just has to feel right, I guess. The most likely scenario is to make another payment on March 15 (next payday), make a regular payment on March 17, and then take the final amount from savings to have it paid off just after that.

However, my other thought is....just pay it off now! I can then apply the same money mentioned above to savings to pay ourselves back. In the meantime, I save us some interest (a whopping $4).

So for fun, I'll take a poll. Pay off now, or pay off later in March? Let me know.

17 Responses to “A Poll: Now or Later”

  1. Looking Forward Says:

    If I had it in savings I would pay it today. Big Grin

  2. Beawealthywarrior Says:

    Tommorrow is not promised to us so I would pay it off today

  3. PNW Mom Says:

    I would pay it off too. Smile

  4. North Texas Mommy Says:

    Today!!

  5. FrugalTexan75 Says:

    now Smile

  6. snafu Says:

    It feels so good to write Paid in Full...not wait a second I'd pay it off today

  7. MonkeyMama Says:

    Now!! Making all those payments just seems uber complicated, to me. Just pay it off and be done. {Or just pay it off on the 15th - but I would only do one more payment versus 3 or 4}.

  8. Ima saver Says:

    I would pay it off now!

  9. scottish girl Says:

    Now!!

  10. scfr Says:

    I agree with Monkey Mama ... One final payment, whether now or later. Any reason to wait until later? If so, one payment later. If not, one payment now!

  11. LadyT Says:

    There's no time like the present!

  12. Wino Says:

    From the lone voice on the other side...

    I'd wait. You had a plan. There is no reason not to stick to your plan, as it has worked so far. You could have paid it off with savings before now, yet you did not.

    Why have a plan if you're just going to get impatient and change the plan without a good reason? Isn't that what got you in debt in the first place: getting impatient?

  13. TexasDisneyGirl Says:

    Do it now! Smile

  14. creditcardfree Says:

    @Wino, I appreciate your point of view!! Smile
    The truck loan could be considered impatience. We saved half of it in cash before we purchased, and we only had one car when DH returned from deployment, thus it was a need. Although I will admit we could have bought a less expensive vehicle with the cash, rather than the one we wanted. We expect our vehicles to last a very, very long time at this point.



  15. Bingo Says:

    Don't deplete your savings to pay off that debt. Keep money back in case of emergency. You will have that loan paid off in no time!

  16. creditcardfree Says:

    Good advice, Bingo. In our case, this will NOT deplete any emergency fund savings, therefore that is not an issue.

  17. Bingo Says:

    Then go for it!

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