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Pay down debt or add to savings?

Started by Tanya C.
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Tanya C.

Is it better to 1st paydown high interest credit card debt or add to savings? Which is a better financial choice?

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Nancy W.

paydown lowest credit card and lowest balance first so you will free up the cash needed to then pay down the high interest card faster.

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Nancy W.

The goal is to free up your cash. You have limited income every month so you need to find a way to move the money around where it will leave you with more cash each month and worry less about the interest. More money equals paying off debt and building savings faster.

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Arlinda G.

I started the debt snowball. I pay the lowest balance first and add the payment for that debt to the next and continue. Now that I have a full time job. I am believing that I will be free from debt soon!

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James P.

I would recommend doing both if at all possible a lack of savings often forced people to take out unnecessary debt to cover emergencies. With savings you are less likely to take out debt and paying off debt allows you to take out debt at lower interest rates.

Deleted user

I would honestly try to do both if possible. Most importantly pay down on the high interest credit card or loan.

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