Do I pay off my loan, or make low payments

General
1

I have small payments each month, but under 5k to pay off fully. Should I just pay it off? Or make the small payments. Interest is 14% …

I want to pay it off to be done with, but I’m nervous to decrease my bank account that much when I could do low monthly payments. Help!

2

absolutely pay it off if you can. 14% interest is pretty high.

you need to make sure that you don’t empty your bank account completely though. You need to maintain a emergency fund .

3

That’s my issue. I’m very nervous about taking 4.2k out of an account with only 11k and I have high living expenses ….

4

having $6000 left over is plenty of an emergency fund. Why pay interest if you don’t have to?

5

It’s not really an emergency fund though. I have very high living expenses and it all comes out of that account

6

I guess it depends what you’re income is and what your monthly baseline expenses are. Can’t tell you without more info