Common financial advice urges prioritizing saving, building emergency funds and investing for the future.
But in today’s high-interest-rate, high-cost environment, many financial experts say there’s another move that can sometimes improve your finances even faster: aggressively paying down debt.
Here’s what that could look like.
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Why High-Interest Debt Can Cost More Than Saving Helps
While high-yield savings accounts may offer returns around 4% to 5%, many credit cards now charge interest rates over 22%. Thus, debt payoff has a “guaranteed 22% return,” according to Russell Moran, owner of