Everyone always says how much you need a savings. The same people will turn around and tell you that you should try and get rid of your debt. Is there a happy medium? Which is better? To have a few grand in savings or use that few grand to get rid of some serious debt? Confused...
Hi, There could be a happy medium if you could do both. If you had 1000 extra to play around with, you could 500 to savings and 500 towards cc debt.
I think it depends on the person...logically why pay someone 9.9% interest and only earn about 1% interest in a savings account...I guess it boils down to how comfortable you are or how paranoid about needing a lump sum of cash in an emergency...it makes more sense to me to save 8% interest...that saved can go into your savings account...just a thought...the interest paid on a cash advance is alot higher than the reg. interest rate....did that make any sense?? I know what I mean LOL
I agree fully..Why have $5000 in Savings if you have a Credit Card balance of even $500..The average credit card account has a rate of about what 12.9%..Banks now a days are giving back 1 to 2 percent..In MD you can expect an annual return of abount 8% on the property you own..How many mutual funds can say that they can beat that..
