Print view
If you've received a lump-sum payment from an inheritance, tax refund, or commission off of a large sale, you might be wondering what the best use of that money is. One thing you should consider is paying off debt, whether it be a mortgage, auto loan, or credit card debt. When you pay off debt, you're receiving a guaranteed return on your money -- you're saving the interest you would otherwise be paying on the loan. In addition to saving interest payment, you'll also repay the loan sooner, freeing up extra cash at the end.
Member FDIC
