Are you sure you want to pay off that debt?

Are you sure you want to pay off that debt?Those with bad credit who are in great debt will want to pay off their car loans and mortgages as soon as possible, but sometimes, it may be better to spread out the payments rather than going for it all at once. There are a few things to ask yourself before writing a big check to a creditor.

First, do you have an emergency fund? According to CreditCards.com, it is important to have a bit of money stowed away for when you truly need it, such as a car accident or medical emergency. Rather than paying for the damage with plastic, the money you saved will come in handy. Shoot for between $500 to $1,000 at the lowest.

Are you hurting your future? While many people are scaling back in order to save money, one account you should not put on the back burner is a 401(k) to which your company matches. Sure, you'll have some extra money each month, but you may regret spending your retirement fund later in life.

How is your quality of life going to be affected? If you make a huge payment to your lender, will you have money to enjoy other things? Much like a diet, everything in moderation is key, otherwise you are more likely to go on a spending binge later on.