Is it better to use our tax return to pay down debt or build up our savings?
Unless you have some magical savings account with a higher annual return than any of your loans (credit card, mortgage), pay down your debt. Say you put $1,000 into your savings. You might make $30 off of it in a year, but you'll also owe an extra $100 on high-rate $1,000 debt that's been racking up interest. Your net profit:-$70. Bottom line: Route your return to whichever debtor is charging you the highest interest.
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