When it comes to getting rid of debt, it seems like the best option is to pay it off as quickly as possible.

This is especially true of credit card debt. The interest is insanely high, so you should just pay off what you can, as quickly as you can, right?

Not so fast.

It’s actually possible to pay off your credit cards too fast. What?!? Here are three reasons to take a step back and evaluate whether or not you should pay off your credit cards immediately.

1. You Don’t Want to Completely Deplete Your Emergency Fund

If you have a chunk of change in your emergency fund, it might be tempting to just take the sum and pay off your debt.

The problem with this, though, is that you open yourself to financial vulnerability if an emergency crops up. You might have to turn to your newly paid off credit card. When that happens, you wind up back in debt and you’ve got no emergency fund on top of it.

There’s a reason that gurus like Dave Ramsey suggest you keep at least $1,000 in an emergency fund before you start paying off debt. That way, if something happens, you can cover it without going further into debt.

Don’t deplete your emergency fund in an effort to get rid of debt right now.

David’s Note: It boils down to psychology doesn’t it? I’m a numbers guy, and I would still pay my last $1,000 earmarked for emergencies into my credit card debt if given the choice. That’s because emergencies may or may not happen and if it does, then I can always just use the…

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