| No, that's not a misprint. Even though
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| | you are earning money in a savings
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| falling interest rates are good when you
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| | account at 2% and paying anything over 2%
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| want to get a loan, they are bad for
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| | on your debts you are sliding backwards
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| people with savings accounts.In this
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| | financially and you'll never get ahead.
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| economy your best investment, the best
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| | It's basic mathematics.If you earn 20
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| place to put your money is into paying
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| | bucks for five years in your savings
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| off debts. Think of it as investing in
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| | account you'll have $100. If you pay $190
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| your debt because that is exactly what
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| | in interest on your $1,000 credit card
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| you are doing.If you put $1,000 into a
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| | after five years you will have paid $950
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| bank savings account earning 2%, at the
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| | in interest charges.In other words you
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| end of a year you will have $1,020.If you
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| | have wasted, lost, burned or flushed $850
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| carry a $1,000 balance on a credit card
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| | by having a savings account. ($950 - $100
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| with a 19% interest rate, and you pay the
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| | = $850) OUCH!What can you do? Pay off
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| minimum monthly payments, at the end of
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| | that credit card and use that as your
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| one year you will have paid $190 in
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| | emergency fund. It's not the best way to
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| interest.If you get $1,000 in a tax
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| | do it but it's better than earning 2% and
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| refund, small inheritance or from
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| | paying anything over 2%.So, while the
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| somewhere else you now have a choice to
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| | stock market is on it's roller coaster
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| make. You can earn 20 bucks in a savings
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| | and the economy is challenged your best
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| account or save $190 by paying off that
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| | investment, bar none, is your debts! Get
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| credit card. Keep in mind that your 20
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| | them paid off!Leo J. Quinn, Jr. owner of
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| bucks is taxable income so you'll be left
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| | is a financial educator from the Albany,
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| with $15 or so after taxes.Do you need a
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| | NY area. For over eight years he has
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| savings account for emergencies? That
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| | been helping thousands of people get
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| savings account may be causing those
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| | control of their finances and get out of
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| emergencies! Think about it this way...If
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| | debt in a fraction of the normal time.
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