I was recently doing my usual daily perusing of Facebook when I saw a bunch of hometown friends sharing a financial article that argued people should pay off all their debts before saving for emergencies.
At first, I was totally shocked. As a finance expert, I get that paying off debt is important, but it shouldn’t be at the cost of your own financial detriment. Keeping an open mind, I clicked on the article and read it anyway.
It basically stated the following: If you have high interest debt, focus on paying it off as quickly as possible. That may mean neglecting your savings for a bit, but at least you get rid of high-cost debt.
This post has been written by the ever-talented, Amanda Abella. Enjoy!
Why Neglecting Your Savings In The Name of Paying Off Debt Is a Problem
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