Should I Use My Savings to Pay Down My Debt?

I graduated from law school almost three years ago and until June 1998, I didn't have a real full-time job. I am now working. I have some savings that I hope will go toward a house, but I also have about $40,000 in law school debt and about $15,000 in credit-card debt that I aggressively "flip." Aside from my 1998 taxes, I haven't added to the debt. Do I continue to save or pay back debt? Do I use savings to pay off the debt or continue to invest it?

-- Meyer Y. Silber

Meyer,

Unfortunately, there isn't a universal answer to this question. The answer depends on your situation and, to some extent, your stomach for debt. ...