 TITLE: Should I Save or Pay Off Debt? CONTENT: When to Pay Off Debt Before Saving Money\n----------------------------------------\nIf you have high interest debt from credit cards, personal loans or payday loans, prioritize paying that off first. Send more than the minimum to your creditors each month to get rid of the debt, even if that means earning extra income or cutting back on expenses. You can aim to spend less on meals out, for instance, or cancel subscription services you don't use.\nMaking payments on time, every time is the largest contributor to a good credit score. Paying off a debt early won't necessarily positively impact your score on its own. But along with saving on interest, you'll lower your credit utilization, or the amount of debt you have relative to your credit limit. Experts recommend using no more than 30% of your available credit at any point; keeping your utilization rate at or below 10% is ideal.\nTo reduce credit card debt, consider these options:\n*   A balance transfer credit card with an interest-free promotional period. If you're eligible, you'll have up to a year or more to pay down your debt without racking up additional interest charges. Make sure you get rid of the debt in that time to avoid paying interest once the promotion term ends.\n*   A debt consolidation loan. You may be able to bundle multiple types of debt, not just credit cards, with a consolidation loan at a lower interest rate than you currently have. If you have just a single credit card balance to pay off, though, a balance transfer credit card is likely a better option.\n> Find balance transfer credit cards in Experian CreditMatch™. END