Should i start a savings or get a mutual fund?

I have 0 savings , ~5 k in cc debt that i carry on 3 cards and Im curious if I should start and aggressive fund or try to save some money...?

Mutual funds will pay better(choose wisely). Best to rid yourself of debt. Mutual funds have varying rates of return AND different loads. There are many no load funds that return a decent % but then again,choose wisely. Check the historical performance of any fund before"jumping in"! Best to you! ;-)=

It depends on the interest rate you have on your credit cards.

If you've got a low interest rate, or zero percent interest rate on the credit cards, start saving. The key to saving is to diversify. If you place it all in one spot, it's not really saving, but more like gambling.

If your interest rates on your credit cards are over 10%, then definitely consider paying off the credit cards first before trying to save.

Have a plan.

Save first for some near term goals and an emergency fund. Start "dollar cost averaging" in to a well diversified mutual fund as your first targets are getting close or completed.

Design an "asset allocation" model to use as a guide line in the future... to keep you on track.

READ READ READ. Never take "tips" for stocks from people you know or the media. Always understand what you're putting your money into. Always have an exit plan.

Like the man says, paying off the CC debt is the same as saving at that rate. Get down to zero CC debt (assuming that you are paying interest on it) and then start saving (ideally 2-6 months of living expenses, then start to invest.

I know it sounds like a long boring slog to get there but it's not as long as it would be if you lost money on a fund in the next few years whilst paying CC interest. Mutual funds are NOT a guaranteed winner - be careful.

Credit card interest usually runs in the double digits (like 15 - 20%). The stock market is predicted to give an annualized return of 7 - 8% over the next 30 years (per "The Gordon Equation"). Statistically speaking, you are more likely to get a better return on your money by first paying off credit card debt than to try to outdo this in the stock market.

In my opinion, stocks or stock mutual funds should be held for about 10 years or longer.