Should I Pay Off Debt or Save?
Previous

Having savings is important, especially when the savings are part of an emergency fund or a hedge against loss of income. But when you also have debt in the form of an outstanding credit card balance or loan, you might want to consider whether you're better off using the money you have in savings to pay down debt. Whether it makes sense or not is determined by the interest rate you're earning on your savings versus the interest rate you're being charged on your outstanding loan balance. The difference between the interest you earn and the interest you pay should give you a good indication of where you can get the best return.

Use this calculator to find out if you should pay off debt or save.

Next

On a scale from 1 to 5, with 1 being 'Not Good' and 5 being 'Excellent', how would you rate this article?

Press enter to submit your rating

Rate this Article

Use this form to provide additional feedback based on the rating you provided.

Thanks for Rating

Would you like to provide feedback?

Thanks for your feedback!

Article provided by Fintactix

© 2015 Fintactix

The calculations provided by this calculator are based entirely on the information you enter, including any savings rate or expected rate of return. These calculations do not reflect the terms available for any Regions savings or other deposit accounts. Find out more about Regions savings accounts.

You are about to leave Regions.com

You are leaving the Regions.com web site and entering an external web site. Regions provides links to other web sites merely and strictly for your convenience. The site that you are entering is operated or controlled by a third party that is unaffiliated with Regions.

Regions does not monitor the linked web site and has no responsibility whatsoever for or control over the content, services, or products provided on the linked web site. The privacy policies and security at the linked web site may differ from Regions' privacy and security policies and procedures. You should consult privacy disclosures at the linked web site for further information.

Continue