<prompt> Human: I wanted to get a general idea on if it would be better for me to concentrate on paying down credit card debt 7,000 balance or to build up a savings account currently 500. I have about 400month to allocate to both of these ends.My wife and I were having some financial difficulties job loss, short sale of home, etc..., but things have more or less stabilized for the time being. We had to essentially drain our savings and dip into credit cards to be able to get groceries, pay rent utility bills and such for the past two years to try to cope.Is it better to prioritize building up a savings account, or to reduce the balance on the cards, or perhaps try to do both at the same time?  <response>: Would you consider taking out a high interest loan 20 to simply have cash on hand? Thats what youre doing when you put your money into savings instead of toward your credit card balances.Lock your cards in a drawer and pay them off in order of highest interest rate. You should have about 1k for small emergencies, but right now, your debt is the biggest emergency. 