In some cases, paying a debt off early doesn't save you all that much money. Let's take a look at the pros and cons of paying down debt before you have to. You also can't carry a credit card balance without paying interest. In many cases, paying off a debt early offers a mental and financial freedom. (See also: How Getting More Sleep Helps Your Finances)Con: You might stop building creditBelieve it or not, paying off debt early may actually hurt your credit.