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I think most people would agree that accumulating a huge amount of savings while you're deeply in debt is counterproductive.

Hugh is relative. A fund to cover expected irregular expenses is needed. The next level is to have a low level emergency fund for really unexpected expenses.

The next higher level depends on your preceived job security. If you know that in 3 months, it is likely that you could be laid off then paying the minimums and keeping as much as possible in cash would be reasonable.

A good compromise between paying off debt and planning is needed, and it is different for everyone.
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