I’m gonna give you an answer you don’t like… IT DEPENDS!
Do you already have money saved? If not, you should definitely start there. When most people start looking to improve their finances, they focus on debt, throwing every penny they have towards their balances, trying to close it out ASAP.
While this may seem like a great idea now, it won’t work unless you already have some money set aside in an emergency fund.
Life happens. If you’ve got no emergency fund, and your car breaks down or you have to buy a last minute plane ticket to see your sick parents, you’re just gonna go even deeper into debt.
Instead, start working on your emergency fund FIRST (I suggest at least $1,000 or one month’s income). That way you’ll be covered when the unexpected happens, and you can avoid adding that credit card balance back up.
If you have at least one month’s income saved, GREAT! Start attacking those debts!