I was at the same quandry a couple years ago. I decided that since my $$ was earning considerably LESS interest than my CC was charging me, it was wise to pay down the CC's... then bank the $$.
In doing so, I paid off a very large amount of really stupid CC debt, and went back to "banking" the cash again. The amount of money that I saved in interest payments was HUGE!!! I scrimped and scrounged, and live VERY frugally for some time, but the satisfaction of not being owned by any CC companies was very refreshing.....and a REAL boost to the ego!!! 
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Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind. ~ Dr. Seuss ~
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