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Dont Save When You Have Debt.
 Humans are curious creatures. We don't always do whats right for us - instead, we do what feels best, and try to blank out any reasons why it may not be the right thing to do. Possibly that's how come 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 constructing a base for your future, while paying off what you owe feels like you're throwing your hard cash 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 savings account gaining a useful rate of interest. What could be wrong with that? A great deal, if you are in debt.
Dont Be Fooled.
There are virtually no savings companies that offer interest rates as high as the ones credit cards wrest from you. Heres food for thought: if you have $10,000 in a bank account bringing in 5% a year and $5,000 on a credit card at an interest rate of 20% per year, how much cash do you have? After just five years, the answer is effectively nada - your debt would have grown to around $12,500, the same amount that your savings are currently worth.
You might not think it currently, but it truly is much better to pay off your debts. If you used one half of your savings to pay off that debt, youd be in such a better spot 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, making interest - after five years, that's more or less $6,380.
If youd still prefer to keep your savings intact instead of using them to pay off your debts, ask yourself this elementary question: is your pride worth $6,380 of your familys hard cash?
Think of Your Financial Well-being.
When you get sufficient cash to pay off your debt, theres absolutely no reason on earth to hang on to it. Debt is for people who don't have the money, and need to borrow it. Debt costs money, and savings make money - you want as much of your financial resources as possible to be savings, not debts. If your savings account and credit card are with the same banking company, 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 distressed about your debts, and your credit statement will show that you were able to pay everything back - resulting in getting you a much smaller interest deal if you ever have to go into debt in the future.
I know it's never easy. You just need to bear in mind that any money you've saved hasnt really been saved at all. Its money you ought to have been spending rather than buying 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 case, if you've got the debt, then that money has already been spent - stop denying it to yourself.
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