When “point” is the first word the bank person says about your savings account interest rate, you know it’s not a good thing.

     Such is the case I’m finding myself in these days when I peruse my little portfolio of savings options.

     I’ve been thinking about savings accounts and CDs off and on for a year or so. I’ve had two CDs that I wanted to merge into one IRA, but was unable to because of different maturity dates.

     The stars finally aligned the other day and I made it to the bank for my planned merger. That’s when I really started thinking about what’s the point of some of my monetary maneuverings.

      If I had done nothing and simply allowed my CD to roll over and renew, I would have earned at an interest of .25 percent. In other words, that’s two and a half cents a year on every $10 on the certificate.

     However, since I was able to merge my CD with the other, my interest rate on the combined total will be a whopping .39 percent, almost a penny and a half more – at least until the end of December when that CD matures. Wooohooo for me!

     The interest rate on my savings account is more meager.

     After looking at my savings account earnings statements – with how little was coming my way – and my credit card bills – with how much was piling up to go out – it dawned on me the absolute absurdity of not using the former to pay down the latter.

     I see little to be gained from worrying about a savings accounts molehill when a debt mountain continues to grow.

     Mind you, I only have three credit cards – one from a national bank and two from “big box” retailers – and owing a little bit to them wasn’t a big deal.

     The debt sums were not that great and I was making monthly payments. I’m sure that sounds familiar to a lot of folks.

      However, the ease of swiping the card got to the point I was digging down more than I was climbing back up. So as the saying goes, when you want to get out of a hole, the first step is to quit digging.

     I realize this is not any great financial epiphany and it’s just common sense. I wish it were in greater supply with our government leaders, but that’s a political commentary for another day.

     I also realize I’m blessed even to have a savings account to fall back upon. I’ve had it since I was a child in Vicksburg, although contributions to it back then were far from regular.

     Once I was able, the wonder of payroll deductions made regular contributions possible. At the risk of sounding like Forrest Gump, Momma always said, “If you don’t see it, you won’t miss it.”

     Dave Ramsey, another wise financial person, calls it a “stupid tax” when you pay more for something than you have to. That would especially seem to apply to credit card interest.

     While driving on my way to build up that debt, I sometimes listen to Ramsey dispense his advise on the radio. I always like evaluating the “We’re debt-free!” screams of people who’d called in to say they had paid off their last credit card, house note or whatever.

     I keep Ramsey’s advice in the back of my mind, but was never hardcore about following it.

     Lately, though, the comfort cushion has gotten a little thin. Not to the point of distress, but it is time to get a little more serious about the situation.

     So aside from the house and the car, I’m hopeful my debt-free day won’t be too far off. Just don’t expect any screams from me when it gets here.

     That’s all for now.

     Write to Managing Editor Matthew Coleman at P.O. Box 551, Brookhaven MS 39602, or send e-mail to mcoleman@dailyleader.com.