Dave Ramsey Has 2 Rules for Using Savings to Repay Credit Card Debt. Should You Follow Them?
Credit card debt can be one of the most difficult kinds of debt to dig out of. There are low minimum payment requirements on your credit cards, so you'll make slow progress unless you pay more than the minimum. If you're currently in the process of dealing with your credit card debt and you have money in a savings account, you may be tempted to raid that account to repay what you owe.