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Got cash?
November 20, 2008
Bruce the TaxGuy has an excellent little personal finance primer up. It talks about how you should use any future "stimulus" check you might get, but it's good advice for dealing with any extra cash or "found" money you might have. Especially his first suggestion:
Pay down your credit card balance as much as possible. Think about this. If you’re part of a couple with $10,000 in credit card debt and you apply your $1,200 right to that balance, you’re paying off more than 10% in one fell swoop. That’s huge! And it will save you a ton of money in interest over time. You’ll be in much better shape financially than if you spend that money.
It sure doesn't make sense to earn 2% at the bank when you are paying the credit card company 21%.
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