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Is it better to save or pay debt down?
I do my banking online, with that, I can and do use automated payments on a weekly basis to pay my various debts. I have set it up to pay about 200-400 a month on various credit cards with fairly low balances(the highest is 1800) spread across 4/5 cards. i have a total debt of less than 6000. would i be better off saving this extra or keeping up the program. As I paid off a bill completely, I roll over that weekly amount to another payment (the highest balance or interest rate) to sustain the same outlay weekly. I have paid 80% of my total debt off in like 10 months with this plan(save my mortgage) but it is beginning to tax me in that I feel nervous when i have less than 1500 in my checking. I have always had 4 months moertgage in the bank in case of emergency (loss of job for my wife or I)
what is the consensus? keep the status quo or start saving? My estimate is that I will be debt free (short of the car, student loans and mortgage) in febuary.
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"People willing to trade their freedom for temporary security deserve neither and will lose both"
~Benjamin Franklin
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