GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
But not so fast.
According to experts, using up your entirefundsis not your best course of action.
Read below formore expert insights.
This balanced approach proved crucial when their car needed unexpected repairs two weeks later, Shahnazari stated.
Doing so can lower future interest costs and boost your credit score over time, Steklov noted.
Now, weve helped them create a balanced plan that addresses both debt and savings needs.
He said the key is maintaining financial flexibility.
While debt paydown is important, having cash reserves prevents new debt from accumulating when unexpected expenses arise.
This strategy has repeatedly helped my clients buildlong-term financial stabilityrather than temporary debt reduction, Shahnazari noted.
That way, you wont fall behind and get yourself into a hole with the government, she suggested.
More From GOBankingRates
Share This Article:
