If you have a surplus at the end of the month, you are probably wondering if you should spend this extra money, save it for the future, or use it to pay off credit card debts. If after analyzing your current situation using this financial calculator, you are still unsure about how to best make your money work for you, it’s time to do more research.
As the average amount of consumer debt climbs, American Consumer Credit Counseling’s recent poll found that 83 percent of respondents opt to pay off debts rather than invest in a savings account. The poll also found that 58 percent of respondents don’t regularly contribute to a savings account. For a full breakdown of the results and more information about paying off credit card debt versus saving for the future, check out the infographic here.