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I recently went through the same mental exercise... I don't have the safety cushion I would like, but I also have credit card debt. I have been splitting my payments between credit card debt and a savings account. One day a better solution came in the mail (this is sounding like an infomercial). I qualified for a 0% credit card offer until March 2002. I transferred my balances (no fees) and began putting all my money in the savings account (5% interest). Next March I will withdraw the required amount and pay off the credit card debt. The remainder will serve as an emergency fund.

I'm not sure that this helps you, but I thought you might want to hear one solution.

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