Should I take care of my debts or my savings first?

[Anonymous]

[Anonymous]

Your debts. I’d start by saving a certain amount for emergencies. I don’t mean my cellphone broke I need a new one it’s an emergency. Then work on knocking out your debt, highest interest rates first. Then start saving maybe 4-8 months of living expenses if for some reason you lose your job or something. That way you still have money to carry you down the road. Your interest rates on CC are going to kill you quick. Most banks don’t even give you 1% interest in your savings account. If you want to know how much you’ll owe in interest on a credit card take the amount you owe total, divide it by 12 then multiply it by the interest.

[exitseven]

Debts hands down. You are paying way more in interest on your debts than you will make in some investments. It will be better for your credit rating as well.

[exitseven]

Thanks for the MHO

[midnightmoon05]

Pay off all debt. Then never get back on. It will feel really good not owning money to any institution.
you can listen to Dave Ramsey to learn more about this.

[Stacey55666]

I focus on paying off my credit card debt. Because if push comes to shove, I can always go back to paying for things on credit.

[slatyb]

Debt. Your savings can't earn enough as you are paying in interest on your debt.

[shortster]

Interest rates on debt is higher than interest rates on savings. So save up three months salary for a rainy day and then go to town on your debts.

[Staximus]

Stop racking up debt and pay it off

[Anonymous]

Debt then emergency savings then investments

[gorydetails]

debts

[BLP11520]

Debts first

[Anonymous]

Your debts.