Money Management Tip #16
for America Saves Week… and Beyond
According to America Saves, the best investment most borrowers can make is to pay off consumer debt with double-digit interest. For example, if you have a $3,000 credit card balance at 18%, and pay 3% minimum payments, it will take 14 years to pay it off. Add in accumulating interest, and you will pay $5,625 in interest charges! Become an American Saver at http://bit.ly/gliVkL.
For more information or to comment on this blog, contact:
- deborah.killam@maine.edu