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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Do not save half and use half to pay off CCs. Start saving enough to have some type of emergency fund, but it does not make sense to save when you have high interest debt- for example, if a card has 10 or 15 or 20 percent interest you're paying, it does not make sense to direct extra cash into a savings account that reaps, what, 1/2/3/4 %? You should use as much as possible to pay down your debt. Paying down debt is an automatic saving.

You should read a personal finance book (not being snarky, I just did and it helped me).

I like this book. It covers a wide range of topics, it's easy to pick what applies to you and doesn't, has great summaries and lots of extra resources.  http://www.amazon.com/Get-Financial-Life-Personal-Twenties/dp/0743264363/ref=sr_1_8?ie=UTF8&qid=1353720811&sr=8-8&keywords=finance+in+yours+20s[/quote]

[b]Oh, I'm sorry. I have $25k in savings. I COULD take a portion of that to wipe out the cc debt, but just figured in this economy, it'd be smarter to have a year's worth of bare bones savings in case of job loss.[/b] I figured since my cc debt went to collections new interest isn't being added onto it. [/quote]

I had no idea that there wasn't new interest if debt is at collections, but I don't know much about that. (I am the pp above). I'd look around on this site if you haven't seen it: http://www.savingadvice.com/forums/ I love it. And you should make some plan to get rid of that debt and get your credit score back up. Good luck! I have 4k of credit card debt I'm unsuccessfully fighting [/quote]

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