Title: Why Pay off Loans Early? Savings and Peace of Mind
Headings: 
Why Pay Off Loans Early?
Benefits of Reducing Debt
Save Money
Improve Financial Strength
Peace of Mind
When to Not Pay Early
How to Do It
Article Sources

Content: When you pay off loans early, you improve your ratio and are more likely to get approved for a new loan on favorable terms. 1 ﻿
Your credit scores also can improve when you pay down debt. Part of your credit score depends on how much you’re currently borrowing, relative to the maximum amount that you potentially could borrow. If you’re maxed out, your credit scores will be lower, but paying down debt frees up borrowing capacity—which you hopefully won’t need to use. 2 ﻿
Peace of Mind
Eliminating debt can be rewarding and reduce stress. Some people choose to pay off loans as soon as they possibly can even if they know it doesn’t make the best financial sense. That’s fine, as long as you’re mindful of what you’re doing and why. You can’t put a price on happiness. Perhaps you want to reduce debt before retiring, you’re sick of making monthly payments, or you hate the idea of paying interest to lenders. Evaluate the pros and cons of using debt, and make an informed decision that you can live with.