Paying Off Credit Cards Is the Best Financial Return for Your Money

Paying Off Credit Cards Is the Best Financial Return for Your Money

Great article on Lifehacker about prioritizing paying off your credit card debt as a personal finance mandate.

If you’re like me, who for some reason has been suckered with 20% APRs on his credit cards, then paying off your credit card debts is the best thing you can do to get back to saving $.  It’s kind of obvious as there is no benefit, other than avoiding paying one large lump sum for a purchase, for carrying a huge debt with an outrageous APR.  Consider it a short-term loan with an extremely high interest rate and you’ll quickly recognize its effect on your savings.

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