"My debt is only two kinds — student loans and a car loan. The amount of the debt is overwhelming to me, and I technically have enough in savings to pay it all off, but if I do, I'd only have about $500 left to my name. Paying off this debt would really only free up about $450 each month so it would take me a while to build up my savings to where I am right now. What do you guys think?"
Reader answer: "You should have 3-5 months salary in the bank as a cushion. If your job is secure you may risk a bit less, but don't go too far.
Savings accounts are paying under 1%. Credit card interest payments are over 18-21%. Pay those off first. If you have a lot of debt, pay minimums on the lowest interest charging accounts and pay off the highest as quickly as possible. Then repeat until all those credit cards are paid in full. Keep 2 cards and destroy the rest. All of them."