Pick the correct statement about debt versus saving.

Question

CHOOSE 1
If you have to choose between saving and paying off your debt, you'll always save more money by saving first
The interest rate on savings accounts is usually much higher than the interest rate on debt
If you're saving at an interest rate of 5% and your credit card debt is at an interest rate of 20%, it would be better to pay off the credit card debt first
You'll save a lot more interest by saving than by paying off your credit card debt
There are no correct statements. All statements are incorrect

Answer 1

If you're saving at an interest rate of 5% and your credit card debt is at an interest rate of 20%, it would be better to pay off the credit card debt first