“While many think it’s admirable to be debt free, it’s not necessarily smart. It’s usually an emotional decision, not a financial one. You can never solely count on is rules-of-thumb and conventional wisdom- crunching the numbers is a crucial step.” – Nicole Peterkin
One of the most common complaints I hear is “I’ve had this credit card debt for years- and I always pay way more than the minimum- but the balances just never seem to budge”. There are three common reasons I see that contribute to this.