I have been out of college for 3 years. I have 26,000 student loan debt with low interest rates 1-4%, 6000 in credt card debt with 9% interest.
I’m struggleing with if its better to have a savings accont or to pay down my debt. i currently have a savings account, but I dont know if I should take that money and use towards my credit card/student loan debt or continue to save in case something happens with my job. Any Opinons?
I think your question is best answered by the Q&A and comment from Ashlee from her question. Read Ashlee’s question here.
Bottom line, the savings account is critical. Pay the minimums on your debts until you save up at least $1,000 in a savings account. Nobody ever went broke from saving.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.