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Dont Save When You Are in Debt.
 People are curious animals. We don't always do whats best for us - instead, we do what feels best, and try to wipe out any reasons why it may not be the most effective thing to do. Perhaps that's why there are so many people who have both savings and debts.
Its a Matter of Psychology.
Sure, it feels better to save. Saving feels like you're building a foundation for your future, whilst paying off your debts makes you feel like you're giving your cash down a hole. That money is for the kids future, or for improving your home, or whatever else - and it's in an bank account bringing in a good rate of interest. What could be wrong with that? A great deal, if you are in debt.
Dont Be Fooled.
There are almost no savings accounts that will give you interest rates as high as the ones credit cards wrest from you. Heres something to consider: if you have $10,000 in a bank account making 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 only five years, the answer is effectively nada - your owings would have grown to around $12,500, the equal amount of money that your savings are now worth.
You may not think it now, but it truly is a good deal better to pay off your debts. If you used half your savings to pay off that debt, youd be in such a better position that it's truly astonishing. You avert five years of compound interest on the debt, but you still get to hang on to $5,000 in your savings account, bringing in interest - after five years, that's about $6,380.
If youd still prefer to keep your savings intact rather than using them to pay off your debts, ask yourself this simple question: is your pride worth $6,380 of your familys money?
Think of Your Financial Well-being.
When you have sufficient money to pay off your debt, theres absolutely no logical reason to keep it. Debt is for people who don't have the money, and have 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 money from them. Why on earth would you do that?
There are additional advantages to lowering your debt using your own savings. Youll be less strained about your debts, and your credit report will show that you were able to pay everything back - resulting in getting you a much smaller interest rate if you should need to go into debt again.
I know it can be hard. You just need to bear in mind that any money you've saved hasnt actually been saved at all. Its money you ought to have been spending instead of making purchases with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your future - but always remember 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 cash in the bank has already been spent - stop denying it to yourself.
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