I currently have about 3 1/2 months expenses saved up and am working as hard as I can to build it up more. I owe about $78k total on mortgage and credit cards, but my interest rates are good (4.9% or less on everything). For that reason, I am concentrating more on savings than debt repayment; if my rates were high, it might be a different story. I do pay more than minimums on my credit cards, though, as well as the interest that accrued the previous month. If I stay on track, my credit cards should be paid off in a little over 3 years and my mortgage in about 7.