Issue Date: September 27, 2009
SaveSmart |
SHARON EPPERSON |
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Paying more can save you money
Quick tip
Don't chop carrots before cooking them. The anti-cancer benefits of this vegetable increase by 25% when it's cooked whole.
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Say you're carrying a $5,000 balance on a credit card with a 16% interest rate. If you pay only the minimum required each month (it decreases as your debt goes down), it will take more than 22 years to clear your account, and you'd pay about $6,200 in interest, according to Bankrate.com. But if you keep paying that initial highest minimum payment amount (say, $116) every month, you'd save about $3,700 in interest and pay off your debt in less than six years.
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