home equity or save cash

HI. I wrote earlier about my 30000 home equity line of credit. That is what I owe. I have a 230000 mortgage .plus the 30000 home equity that I owe on. I make about 90000 a year.I do not have money saved at all.I am married and 55. I knocked off debt already. I have an extra 2500 a month. Should I pay it towards home equity or save cash? Thank you

Terry Says:  Congratulations on paying down a bunch of debt.  You need some savings, so that you won’t be tempted to use those credit cards again in an emergency.  Pay an extra $1500 a month on the home equity line, and save $1,000 for the next six months in a separate money market deposit account at your bank. When you have that $6,000 in savings, then pay down the balance of the home equity loan as quickly as possible.   Please write back and let me know when you finish!