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Dont Save When You Owe Money.
 People are funny creatures. We don't always do whats best for us - rather, we do what feels best, and try to blank out any reasons why it may not be the most effective thing to do. Possibly 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 makes you feel like you're building a cornerstone for your future, whilst paying off your debts makes you feel like you're giving your hard cash into a hole. That money is for the kids future, or for improving your home, or whatever else - and it's in an account gaining a valuable rate of interest. What can be wrong with that? Lots, if you have debts.
Dont Be Fooled.
There are just about no savings institutions that will let you have interest rates anywhere near as high as the ones credit cards charge. Heres something to think about: if you have $10,000 in a savings account realizing 5% a 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 zero - your owings would have grown to around $12,500, the same amount that your savings are now worth.
You may not believe it currently, but it truly is much better to pay off your debts. If you utilised half your savings to pay off that debt, youd be in such a better position that it's really awesome. You avert five years of compound interest on the debt, but you still get to hang on to $5,000 in your bank account, earning interest - after five years, that's around $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 hard cash?
Consider Your Financial Well-being.
When you have sufficient money to pay off your debt, theres absolutely no reason on earth 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 finances as possible to be savings, not debts. If your savings account and credit card are with the same financial institution, 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 paying off your debt with your own savings. Youll be less stressed about your debts, and your credit report will show that you were able to pay everything back - getting you a much smaller interest rate if you should have to go into debt in the future.
I know it's never easy. You just have to remember that any cash you've saved hasnt really been saved at all. Its money you should have been spending rather than buying things with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your future - but always remember that whenever you use a credit card to spend that same amount of money, youre spending away your future, plus interest. In any event, if you've got the debt, then that money has already been spent - stop denying it to yourself.
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