pay it off earlier (assuming no early penalties).
2007-12-03 09:46:48 · 9 answers · asked by ♦♦pixiechix♦♦ 5 in Business & Finance ➔ Personal Finance
it depends, if you can afford it & there are no penalties, pay it off early. If you need a credit rating, use the monthly payments. Paying cash for everything as you go, you get no credit history & if ever you do need credit it's difficult.
2007-12-03 10:17:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I would make those monthly payments, but if you have extra cash you should pay off as much as you can on top of the monthly payments you're making. You'll still have a good credit standing because you'll look more stable, but paying a little extra will also make things cheaper for you because of the interest rates.
2007-12-03 09:51:17 · answer #2 · answered by My Anh N 2 · 0⤊ 0⤋
Depends on what you want to achieve, and a few other variables. For example, if the interest rate on the original contract is very low, it might make better financial sense to make regular payments. But, if it's important to you to clear the debt, then pay chunks.
2007-12-03 09:49:48 · answer #3 · answered by suzanne g 6 · 0⤊ 0⤋
As long as you make at least the minimum payment by the statement due date, it will be reported to the credit bureaus as on time and will build your credit history. However, if you do not pay the balance in full every month you will be charged interest. There are not extra points for paying interest. The best way to handle credit cards is to use them for regular purchases, wait for the statement, and pay the balance in full every month. That builds credit and avoids interest.
2016-05-28 01:15:12 · answer #4 · answered by ? 3 · 0⤊ 0⤋
It is better to make the monthly payments because it helps your credit more. However, it is cheaper to pay it off in chunks.
2007-12-03 09:49:17 · answer #5 · answered by ♥Kym♥ 5 · 1⤊ 0⤋
Pixie,
depends on what your goals are and how much you anticipate you will need (or want) the disposable income after the "item" has been paid off. Also, if you just want to "get rid of the bill" for your mental peace of mind - then pay it off and sleep easier.
Gerry :)
2007-12-03 10:10:32 · answer #6 · answered by Gerry 7 · 0⤊ 0⤋
do you like paying interest? I don't. I would pay off asap!
2007-12-03 09:50:26 · answer #7 · answered by golferwhoworks 7 · 0⤊ 0⤋
pay it off
2007-12-03 09:50:04 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No clue
2007-12-03 09:49:28 · answer #9 · answered by Anonymous · 0⤊ 0⤋