Lesson 5: Use Your Savings to Pay Off Credit Cards
Take money out of your savings or money market account to pay off high-rate credit card debt. This makes sense as you're likely only earning 3 or 4 percent (max) on your savings, while you're paying 16, 18, even 24 percent on your credit card. By eliminating the debt, you gain an instantaneous 12 or 14 or 20 percent. Why? Because you're no longer spending the money on interest.

Map to a Million
Take $4,000 out of your savings account to pay off your credit card bill.
Annual savings on interest: $720
10-year total: $12,178
20-year total: $37,611
30-year total: $94,063

Do it, say this, and sound smart: "I used to think having money in savings was safer, but I'm so far ahead by paying off my credit cards. If I have an emergency and don't have the cash, then it's smart to charge."