Quote:
Originally Posted by fistpoint
Show me a high yield savings or CD that is over 1.9%? And that's assuming people get approved for that rate. Assuming they do, where are these CD's and accounts?
There is maybe 1 or 2 banks in the US offering 2%, which makes the process moot. CD's also are around 1%, half of what your APR for the loan would be in the best scenario.
You'd have to find the absolute best savings or CD just to break even after paying the taxes on the gains. All that effort for what would amount to mere dollars saved.
|
Exactly. So many people here are mentioning scenarios that sound absolutely great on paper, but in practice are nearly impossible for most people to execute on.
I say do what's best for your situation based on what you've got. If you're young, ask your parents or older friends for some advice - they'll know your situation better. Don't just take the words on an internet forum from a bunch of people in completely different financial situations than you.