Don't get caught out.
If the loan is interest-free or on very low rates, so the interest rate on your debt is less than the amount your savings earn after tax .In an ideal world, we’d all have three to six months’ worth of savings for emergencies – but there’s no need to panic if you don’t.
The idea of paying off your debts with savings is that in a genuine emergency you could use the credit card or take out a loan.Martin says: ‘The idea of having some cash in a savings pot feels safe, especially as traditional budgeting logic berates us to always have an “emergency cash fund”. ‘While it’s the right aim, for anyone with expensive credit card debt, where you can borrow more without applying for a new product, there’s a better way -pay off your debt with your savings, but without then cutting up your credit cards as it’s important to keep the credit available in case of a substantial emergency.MORE :
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