This article is from the How to Start an Investment Program tutorial, author unknown.
Next on the priority list is to pay off all high interest rate credit cards and set up an emergency cash reserve fund. Believe me, you will never see your net worth increase as long as your investments are growing at 15%, but you are paying annual interest on credit cards at 18%. It just won't happen.
Pay off your credit card balances as soon as possible and put some money into a rainy day account. This money needs to be in a highly liquid form, i.e., convenient to get to without delay and without heavy cost associated to obtain it. A rule of thumb is to have three to six months of living expenses available in case it's needed. This will vary depending upon your circumstance.