A Gaping Difference Between US and UK Money Advice
While researching different types of interest rates, I came across a UK financial advice site. Among the tips:
TIP: Open up a savings account for safe, and sometimes, shorter-term, savings.
TIP: Make sure you pay off all your debt before you start saving!
TIP: Make sure you budget and work out how much you can afford to save.
US readers: Have you ever, in your entire life, read a tip like that on a domestic financial advice site? I was shocked reading the boldfaced sentence above. How can paying off all your debt before saving anything possibly benefit you? Does it have something to do with a bigger social safety net? Or stricter lending laws? I’m perplexed.