Which would you rather do in the next few months? Pay off your credit cards, or build interest on the money in your savings? Most people would choose the latter option. Making more money on your savings appears to be the most stable financial option. The problem with this scenario is that you may end up paying more interest on your credit cards than what you will make in interest on your savings. This can result in you losing more money overall by postponing paying off your credit card bill. Understand Your Credit & Savings Interest Most financial planners will tell you upfront to get rid of…
Grow Your Savings or Eliminate Debt?
Which would you rather do in the next few months? Pay off your credit cards, or build interest on the money in your savings? Most people would choose the latter option. Making more money on your savings appears to be the most stable financial option. The problem with this scenario is that you may end up paying more interest on your credit cards than what you will make in interest on your savings. This can result in you losing more money overall by postponing paying off your credit card bill. Understand Your Credit & Savings Interest Most financial planners will tell you upfront to get rid of…