Tom Del Rosso wrote:
Les Cargill wrote:
Here's the current Federal funds rate:
http://www.newyorkfed.org/markets/om...dfundsdata.cfm

The daily is a *blistering* 0.17%.

So what is the annual rate? Based on that alone it would be 85%.


That is the annualized rate. It's just calculated daily.

If the annual rate on your credit card was 0.17% then would you consider
these numbers acceptable?

* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $38.50



My initial comment was that the Federal budget is fundamentally
different from a family budget. I like Dave Ramsey too, but he's
off base on this particular thing.

--
Les Cargill