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Dont Save When You Are in Debt.
 People are peculiar animals. We don't always do whats right for us - instead, we do what feels best, and try to blot out any reasons why it may not be the soundest thing to do. Maybe that's the reason there are so many people who have both savings and debts.
Its a Matter of Psychology.
Yes, it makes you feel better to save. Saving feels like you're constructing a base for your future, whilst paying off what you owe makes you feel like you're throwing your money down a hole. That money is for the kids education, or for improving your place of residence, or whatever else - and it's in an account pulling in a useful rate of interest. What can be wrong with that? A great deal, if you owe money.
Dont Be Fooled.
There are just about no savings institutions that will give you interest rates anywhere near as high as the ones credit cards wrest from you. Heres something to think about: if you have $10,000 in a savings account realising 5% per year and $5,000 on a credit card at an interest rate of 20% per year, how much money do you have? After just five years, the answer is effectively zilch - your owings would have grown to around $12,500, the same amount that your savings are now worth.
You may not think it now, but it truly is a great deal better to pay off your debt. If you used half your savings to pay off that debt, youd be in a much better situation that it's truly awesome. You avert five years of compound interest on the debt, but you still get to keep $5,000 in your bank account, earning interest - after five years, that's about $6,380.
If youd still rather keep your savings intact rather than using them to pay off your debts, ask yourself this elementary question: is your pride worth $6,380 of your familys hard cash?
Consider Your Financial Well-being.
Once you have enough cash to pay off your debt, theres absolutely no reason to keep it. Debt is for people who don't have the money, and need to borrow it. Debt costs money, and savings make money - you need as much of your financial resources as possible to be savings, not debts. If your savings account and credit card are with the same savings bank, then youre in effect paying for the privilege of borrowing your own cash from them. Why on earth would you do that?
There are more benefit's to getting rid your debt with savings. Youll be less strained about your debts, and your credit statement will show that you were able to pay everything back - resulting in getting you a much better interest deal if you ever have to go into debt in the future.
I know it can be hard. You just have to be mindful that any money you've saved hasnt actually been saved at all. Its money you ought to have been spending as an alternative to buying things with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your nest egg - but always bear in mind that when you use a credit card to spend that same money, youre spending away your future, plus interest. Anyway, if you've got the debt, then that money has already been spent - stop denying it to yourself.
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