So you’ve got a 0% APR credit card and you’re trying to decide whether to pay it off or not, right? Well, read on.
I’ll cut to the chase. If you’ve got enough free cash lying around that its not going to hurt you to pay off the card, do it! If you’re anything like me, it will give you peace of mind to get rid of that debt.
A couple years ago my wife and I bought a nice leather couch on a 0% APR furniture store card. And today, I decided to bite the bullet and pay it off — the remaining balance was about $1,500.
One of my financial goals this year is to get rid of debt. I kept going back and forth on paying this one off since its 0% APR, but for me, the peace of mind of having one less debt to worry about is worth it. It feels good to get rid of debt, no matter how small!
Now I can have laser focus on our 1 remaining debt: my wife’s car payment! We’ve got about 25k remaining on that and I’m going to start paying it off aggressively.
Look out folks, I’m officially drinking the Dave Ramsey baby steps kool-aid.