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Dave Says
Dave Ramsey is America's trusted voice on money and business, and CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 12 million listeners each week on 575 radio stations and multiple digital platforms. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com. |
Dave discusses monthly car payments versus satisfying the note with funds from savings. Pay That Thing Off! Dear Dave, My only debt right now is a car payment. I still owe $12,000 on the vehicle, and currently I have $25,000 in savings. I'm in a very stable line of work, but my income can vary somewhat from month to month. Should I hang on to my savings, or pay off the car? Erik Dear Erik, Debt is a bad thing to have in your life, especially when your income can vary from paycheck to paycheck. You’re in good shape, except for the car note, though. It’s like a ball and chain around your neck. You’d still have $13,000 left if you paid off the car. And with the money you’d free up, you could rebuild your savings in no time. Pay off the car, dude! - Dave |
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