The math is simple: Don’t save your money if the rate of return is LOWER than the interest rate your charged on debt. PAY OFF DEBT and take control of your long term goals and start saving!
There are some awesome tools out there now a days that help you get a grib on budgeting and paying off your debt. We highly recommend Mint Personal Budgeting tool. It lets you input multiple bank or credit card accounts and will synchronize everything for you!
There may be reasonable exceptions to this rule, for example: You may be trying to qualify for a Mortgage and you have 5% cash down saved, your income is strong and your liabilities may be high, but the only way to get qualified to purchase a property is to use your savings of what you had so far. Because your income is strong you could buy the property and manage your liabilities once you have acquired the property`. Fill out a pre-approval and we can point you in the right direction!