When you find yourself with a lump sum from an inheritance, tax refund, commission or insurance payout, often the best use of the money is to pay off a loan.
See how quickly you can pay off the loan and save money.
Debt repayment with a lump sum often is the best choice because you'll save the interest you'd otherwise pay on the loan. That percentage often is greater than the rate you would receive by investing or saving the lump sum in an account. Plus, repaying the loan sooner means saving more money in the long run.
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