Managing your financial life is not just about money.

Archives for Debt

Savings vs Paying Debt

By Alyssa McNamara Reed, CFP® I often get the question “what’s more important- paying down debt or saving?” The answer is, of course, different for everyone, but here is some generic advice. If you have high interest rate debt (by that I mostly mean credit card debt), absolutely pay that off before you start saving. Paying 20% interest on a debt (that is not tax-deductible to boot) is an enormous waste of money. I suppose it goes without saying, but once you’re past that debt, don’t rely on cards again unless you can pay them off immediately. The caveat to
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