I'm fortunate enough to still be working, but I have outstanding credit card debt. I had plans to pay it off, but with all the uncertainty about the stock market etc., I'm wondering if instead I should pad my savings account and only pay the minimum payment on the outstanding debt. What's your advice?
Do you have adequate emergency reserves already? The typical rule is 3 months of expenses in savings for a dual income households and 6 months reserves for single income households. If you do not, then adding to savings might be a good idea. If you do, then paying off credit card debt could be wise.
Hope that helps
@Joanelle I think @Michael Metzger is spot-on with his advice. Normally, I hate telling people to only make credit card payments, but these are not normal times. An emergency fund is more essential than ever. So with all the uncertainty, I think it's a good idea to make the minimum payments to bulk up your savings account for now, then go back to paying down credit cards once things have calmed down and you're comfortable with your emergency fund.