Save or Pay Off Debt?

Having savings is important, especially when the savings are part of an emergency fund or a hedge against loss of income. But when you also have debt, in the form of an outstanding credit card balance or loan, you might want to consider whether you're better off using the money you have in savings to pay down debt. Whether it makes sense or not is determined by the interest rate you're earning on your savings versus the interest rate you're being charged on your outstanding loan balance. The difference between earning interest and paying it should give you a good indication of where you can get the best return.

DISCLOSURE

This article, tool or quiz above is for informational and educational purposes, is not an advertisement of Liberty Bank, is not for product promotion, do not constitute investment or legal advice, are estimates only, and may contain general information or examples regarding non-deposit products. Investments, stocks, mutual funds, securities, annuities and insurance products are not bank deposits; are subject to investment risks, including the possible loss of the principal amount invested; may lose value; are not insured by the FDIC; are not insured by any Federal Government Agency; and are not obligations of, nor guaranteed by Liberty Bank.

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