While mortgage and car loans have favorable interest rates, the same is not true for borrowing money on your credit card. Work on reducing or eliminating this debt. If you have a choice of putting money into a savings account or paying off debt, pay off the high-interest credit card debt first because financial institutions are paying very little interest in savings accounts.
You also may want to negotiate lower interest rates with credit card companies, particularly if you have a good track record with paying on time, Cecere says.