Should I pay off debt or save money?
An example of an AI chatbot conversation about debt versus savings strategies.
I'm trying to decide whether I should focus on paying off my debt or start saving money. What do you think?
It depends on your financial situation. If your debt has high interest rates, it might be better to pay that off first.
What if my debt is low interest? Should I still prioritize it over savings?
If your debt is low interest, you could consider saving for an emergency fund first. It's important to have some savings.
How much should I save before focusing on debt?
A common recommendation is to save at least 3-6 months' worth of expenses before aggressively paying down debt.
That makes sense! What if I have both high-interest debt and no savings?
In that case, you might want to focus on paying down the high-interest debt while also setting aside a small amount for savings.
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