Should You Stop Investing to Pay Off Your Credit Card Debt?

Should You Stop Investing to Pay Off Your Credit Card Debt?

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[saulgoodman]

First, you should never carry debt.
Second, credit cards interest is like 2-3 times more than you'll earn investing.
So year, pay it off first.

[Stonexmm]

Just wanted to say I love the channel. Keep it up! :)

[olliehopnoodle]

Great advice. If there is a 401K match, keep using that, otherwise pay off the credit card debt.

[clytanf]

Person asks literally any question
Bo: I want to give you a huge compliment, Brian!

All in good fun. Good video.

[hkhatri]

Just heard the question: ALWAYS CC DEBT.
-It is not just about the interest rate vs investment return [Where interest is going to be quite high and hence you shall put money towards CC debt]
- The Mental Peace: Sometimes people just focus on point one, but they just do not understand that the price of Mental peace is much higher than earning 6-8% with investments.

[lkjg]

This is why I like these guys. Common sense approach that incorporates both the math side as well as the behavioral side.

[esonon]

What's the interest rate? That's one of the most important things we would need to know. 9/10 times the APR on the credit cards is higher than what she will get into the market right now. She needs to take her future contributions towards investments towards the CCS.

[mr.financial]

Unless this cc debt has a special rate ... It's always the highest interest payment. 19-29% interest is like "earning" 19-29%.

[lesbetts]

math confirmed thank you guys :) ima sell all my stocks to pay off my credit card so i can put more into stocks its past ex date aswell so i can sell still get my divs and then reinvest before the decloration date. so thats a win but i just need confirmation on paying off the credit card first thank you for that

[littleninja]

What about moving the cc debt to zero interest if possible? I just bought furniture with a CC then tx'd the balance to a 0% for 12 months offer (3% of balance was the fee - but way less than paying the punitive 17% interest on the card used). I'll still pay off that debt in the same period of time (or faster) and it doesn't impact my savings/investments.

[miloseveggies]

If people actually followed "know thyself, " they would know how to avoid their personal pitfalls.

[kevinmoore]

What do you guys think about filing chapter 7 bankruptcy because of inflation?

[shaereub]

What's the woman's name again?

[outdoorable]

Hard spot here. Wife has 440k in student loan debt between 5.5% and 7.5%. We are 33 and 31. With such a huge balance, how do we tackle this? Is there any change to the FOO? Our concern is that neither of us have 401k matches from our employers and we feel like tackling the student loans will leave us behind when it comes to retirement saving.

[GSVM]

Follow DAVE RAMSEY baby steps....this is all regurgitated BS. lol