What would YOU do?

[stoney70005]

I had a similar, though not so urgent situation at the end of July. I owed about $3200 on my car, and could afford to write a check to pay off the balance. Making monthly payments would take until March to pay it off. But the interest rate is so low, that I would only save about $50 by paying it off early. Instead I chose to keep that cash in my checking account, and when Hurrucane Gustav came around was very happy to have cash on hand. Essentially I paid 50 bucks to have $3200 extra in my checking account.

My question to you is how much money will you save by paying off the loan early, or partially? How secure is your job and housing situation? As others have said, now might not be a good time to be out of debt but cash free.