Unlike credit card payments, loan payments are much larger and can really be a strain on your budget. I have been paying both my loans at about the same time, so it has been a challenge to get the full payment in my account on time each month for the direct debit payments. Often I have had to use my saving to cover any short fall, replacing it the next time I was paid.
By paying off my loans I will be able to pay all my minimum credit card payments with one weeks pay. No more worrying if I have enough money to cover all the payments. Now I will be able to make weekly payments on my credit cards which will save me more money in interest.
The news might be bad on the telly but my debt balance is the best it has been in two years. Financially speaking things haven't looked this good for me in years.