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Released: August 03, 2011
Why you should ignore your instincts when paying your bills
Source: Loren Berlin, Daily Finance (Free Registration)
Image you're sitting on a park bench one breezy afternoon, minding your own business, when out of nowhere a $100 bill lands in your lap, like a leaf falling off a tree. There's no way to find out who lost the money, so this little treasure is now yours. The only caveat is that you have to use all $100 to pay down some of your debt. Now imagine you have two credit-card accounts. One has a $100 outstanding balance and a 10% interest rate. The other charges a 15% interest rate on your $1,000 balance. How much do you repay on each account?Read Full Article: Why you should ignore your instincts when paying your bills
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