It’s not uncommon for me to see someone with credit card debt and a savings account.
My question is always – why?
Whilst you are saving and earning interest of +/- 1% on your savings account, you are paying out +/- 20% on your credit card.
The net effect is going backwards by 19%.
The pic shows what happens if you use some of the savings to reduce the debt.
We all need some cash on hand but get that debt down ASAP.