It Is Usually Better to Use Any Money Left After

question 151

True/False

It is usually better to use any money left after paying monthly bills to pay off debts that carry high interest rates rather than putting that money into a savings account.

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Definitions:

Interest

The cost of borrowing money or the payment received for lending money, often expressed as a percentage of the principal.

Savings

Money that is set aside for future use rather than being spent immediately, often with the aim of achieving longer-term financial goals.

Retire

In finance, it often refers to the paying off or buying back of debt or securities, implying the removal of these items from the financial markets.

Invested

Capital that has been put into a project, company, or various assets to earn profits or achieve other financial goals.