After many conversations with friends and family, I realized that a basic understanding of how interest rates work for borrowing and investing was missing from the general population. Many families are faced with the decision as to where to put their money, after they have paid all their basic expenses. Should they place it in a savings account or pay off their credit cards? This consistent discussion actually led me to write an article on this same subject for the Dollar Stretcher. The main struggle appears to come from understanding the overall affect of the interest rate. The Prime Rate … Continue reading →