Paying down debt vs. saving more: Which one comes first? (Mintlife.com)
March 23, 2015 by Craig Guillot
Filed under Articles and Features
The latest data from the Federal Reserve Bank of St. Louis indicates that the personal savings rate in the United States is a mere 4.2%.
That’s a big problem when most financial advisors say we should be saving 10% to 20% of our income.
Surveys show that many Americans have such a tough time saving because they’re so saddled with debt.
A number of experts say that when you’re facing the double whammy of high cost debt and a lack of savings, it’s in your long-term benefit to put all your money towards paying down your high-interest debts as quickly as possible.
Read the full story at Mintlife.com.
