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Interest-bearing savings account

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Discussion

If one has an interest-bearing savings account, compound interest is greatly beneficial in the long run. However, if one is paying down a credit card, compound interest is beneficial to the company or person offering the loan (i.e. loan officer).

Class, is it best to continue to save and earn money within an interest-bearing account, while simultaneously paying a credit card with a 6% interest rate (i.e. with a running balance)? Why or why not?

Reference no: EM133134031

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