[creditcardfree]

I would have to say the emergency fund first in this hypothetical example. I've always had some sort of savings...for many years it was less then $1000. So I can't imagine not having anything in case of an emergency. I know of too many people without emergency funds...and only credit cards...leading to more debt.

But in real life, I'd save a small emergency fund...$1000 or even one months of expenses and then attack debt and then go back to the emergency fund.