Question

Should I pay off credit card debt that is 0% before I start saving for my emergency fund? Can anyone advise please?  

Answer 1

Emergency fund first. You never know when an emergency will arise that you’ll need some cash for. If you pay off your card first, and an emergency arises, you’ll likely end up putting the $$ back on the card you just paid off

Answer 2

If its 0% still. pay the minimum and all extra to emergency fund

Answer 3

You should have something in emergency fund first

Answer 4

Does the 0% end in a certain # of months? If so, I personally would pay it off first.  

Comments

@shinshina yes it ends in June 2021

Answer 5

I would think you’d want to consider what the interest rate will be when the 0% expires and if you’d be able to pay it before then. But typically, having at least 1k emergency fund is considered top priority

Answer 6

Yes. Debt is debt. Even if it’s at 0%

Answer 7

Do you have any savings at all? If not, I would make minimum payments toward the card and build up savings until you hit $1, 000. However, if it is a promo period of 0% you want to make sure it is paid off completely before that's up as you will then most likely have to pay interest on the entire amount. Otherwise, if you have some savings, I would pay the debt off completely.  

Answer 8

If it's 0%, than its Definitely on the back burner. Pay the minimum and get your emergency fund done!