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Everyone knows how important it is to regularly put money into savings, but research shows that 25% of Americans have no emergency savings at all.

What is an interest rate?

Let’s start first with the basics of understanding what an interest rate is. The interest rate is the rate at which a lender will charge for you to borrow the funds from them. This rate is a percentage of the loan amount, so the amount you pay in interest will be based off the principal balance of the loan.

Are you considering getting another credit card? There are many reasons why this may sound like an appealing idea. Depending on your situation, it might be the perfect time or it may be better to wait a bit.