Based on live rates as of
Should I pay off debt or save first?
Yes
Pay off credit card debt first. The math almost always favors it.
The average credit card APR is 22.36%, versus a best available high-yield savings APY of 4.40%, a gap of about 17.96 points. Every dollar carried on a card at that rate costs more than any savings account can earn, so paying down card debt is a guaranteed, risk-free return that beats saving first. The one common exception: if your employer matches 401(k) contributions, capture that match first. It's an immediate, guaranteed return that usually beats even credit card APR, so capture it, then direct extra cash at the debt before building savings further.
Average credit card APR
22.36%
Best high-yield savings APY
4.40%
This is general guidance from live SwitchWize rate data, not personalized financial advice. Verdicts reflect current rates and standard rules of thumb — run your own numbers before acting.