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should I pay off my credit cards or build an emergency fund first?
my credit cards are about 24% APR. My savings account only pays 1.9% APY. Dave Ramsey recommends getting $1k in savings before tackling debt. Since my interest rates are high, do you think I should pay off my credit cards first, I could always use them in an emergency
9 Answers
- Anonymous2 years ago
No, accumulate as much debt as possible in the US and move to France.
- Anonymous2 years ago
building an emergency fund, you can actually declare bankruptcy on credit card debt if it gets too high
- ?Lv 72 years ago
At the rate of interest charged by credit cards, always pay them off as quickly as you can. The money you save from interest payments can be applied toward savings after you get ride of those high interest payments
- Anonymous2 years ago
Take a free year and help Forests to live
- Anonymous2 years ago
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- NosehairLv 72 years ago
I would go with Ramsey's recommendation but focusing entirely on paying off your debt, per your own interest calculation, is not a bad idea either.
- Anonymous2 years ago
I know, ask 16 more times.
- curtisports2Lv 72 years ago
Paying nterest is cutting into your emergency fund, but if you don't have ANYTHING saved, you'll have to find a compromise. Put half of what you plan to put toward the debt towards the debt and put the other half into the fund and don't touch it.
