Why You Shouldn’t Drain Your Savings to Pay Off Debt

savings bank vault open and empty

Credit card debt is the most expensive form of debt, and it’s only getting pricier.

If seeing a credit card balance hover over your monthly statements makes you want to double down on your debt repayment plan, you’re on the right track. Putting every last cent possible toward your credit card balance could save you hundreds, or even thousands, of dollars, along with cutting years off your debt repayment timeline.

But should you put every last cent toward your credit card debt, including your entire savings?

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