Ive noticed the balance creeping up.
Should I focus on paying off my credit card each month?
Does it benefit me to keep a balance?
And with the scary numbers, the message is always the same: Just.
So I get why you might feel pressure to prioritize saving above any other financial goal.
To understand why, lets start with your last question: Is there a benefit to carrying a balance?
In short, no.
But this is pure myth.
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So while theres no benefit to carrying a balance, theres a high cost.
Average credit card interest rates are more than 17%.
They earn a pitiful 0.09% in interest on average nationwide.
Did you know?
And thats OK.
Keep contributing to your 401(k) to get your companys match.
Thats a no-brainer, because its free money.
But you might want to limit your contribution to that amount for now.
Or you could scale back on your Roth IRA contribution for now.
Remember: This is only temporary.
Have a tricky money question?
Write toDear Pennyand you might see your question answered in an upcoming column.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny.
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