Reviewed by Shannon Martin, Licensed Insurance Agent.
“You probably don’t need to pay it off. You’d sink $7,000 into something that can deplete your emergency or retirement savings.
Furthermore, $700 in savings over three years is only $233 a year or about $20 a month. Is it worth it to pay off the loan (and close your credit account) and have your credit score temporarily dip for $20 a month?
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