Thank you all for interesting and helpful answers!

I'm still digesting all of the information.

My initial impression is that I would be comfortable with that level of risk. I appreciate the point that the risk of default increases over time, as of course does the risk due to changes in interest rates.

But going out, say 2-3 years on a BBB issue of a company such as GMAC or Ford seems worth the risk if I can double the yield vs an FDIC-insured CD.

As usual, I'll probably learn quickly once I actually BUY a bond or two. This has always been true when I've bought stocks.....even though I try my best to do adequate research ahead of time. Once you have your money IN the game, you pay much closer attention, right?

Thanks again.

Jack