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Proactively saving money can yield the financial cushion you need to feel more secure. Try tracking money in and money out for at least one month. Savings accounts, money market accounts, and CDs are ideal tools for reaping compound interest on short-term savings. "Your standard savings account will generally have a lower rate than a money market account but will allow more options for utility. Open a dedicated, high-interest savings account specifically for your fund.
Persons: it's, Jaspreet Chawla, IRAs, Roth IRAs, Chawla, Russell Nelson, you'd Organizations: Navy Federal Credit Union, ESA, Federal Credit Union, Insider Studios, NCUA
While balances are higher, nearly half of credit card holders carry credit card debt from month to month, according to a separate Bankrate report. Here's what experts recommend:Five ways to tackle high-interest credit card debt1. Snag a 0% balance transfer credit card. Cards offering up to 21 months with no interest on transferred balances are one of the best weapons Americans have in the battle against credit card debt, Schulz said. Ask for a lower credit card rate.
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