The Age Old Question: Should You Pay Off Debt or Save?
Penny Pinchin' Mom
DECEMBER 17, 2023
Say for example, if I put $500 away this month but still had $9,000 in debt, I would immediately think, I potentially only owe $8,500 but have $0 in savings. It reduces the overall time that the interest will accrue as well as the balance on which it is calculated. High interest charges make it harder to put money aside for saving.
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