Save or Pay Off Debt First?
Again, most people aren't in the enviable position of having financial flexibility to spare. And what many want to know is: Should I hold off on my debt repayment plans until I get my emergency fund pulled together, or should I pay off my debts first?
The question of whether to save or repay is one that people with a little financial savvy love to debate. The save-firsters point out that the more cash on hand you have, the better you can survive an emergency without running up more debt.
The problem with that approach is that many people would be paying pretty high rates on their debt while they slowly put together their cash stash. And it usually doesn't make much sense to earn 2% or so on your savings when your debt ...
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