A common financial struggle for Americans is deciding how much money to devote to savings versus paying down debt. While the answer varies on a case-by-case basis, its often important to strike a balance between the two.
Wiping out high-interest debt on a timely basis will reduce the amount of total interest youll end up paying, and itll free up money in your budget for other purposes.
On the other hand, not having enough emergency savings can lead to even more credit card debt when youre hit with an unplanned expense.
More than 2 in 5 (43%) of U.S. adults with a balance on their credit card say emergency or unexpected expenses are the reason for having this debt from month to month, according to Bankrates Credit Card Debt Survey.
While …
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