There are two schools of thought the argument of paying off debt first versus saving first and paying off debt slowly.
School of Thought #1: Some people believe that you should pay off all of your debt first before saving for the future or doing any kind of savings other than an emergency fund. The thought here is that you are effectively borrowing against your own money if you have $10k in the bank and $10k in debt. The logic is that the normal American wouldn’t go out and buy a loan in order to go invest it. This is more of an emotional approach to personal finance. I tend to lean towards the intangible and emotional side of making personal finance decisions, because this is life you are talking about, so you need to make decisions based on what is best for you and your family, and reducing financial risk in your life will put your family in a better decision. This approach reduces the financial risk in your life.