Debt is one of the biggest roadblocks to retirement. Debt forces us to work harder and longer than we otherwise would like. And that’s because the money that we earn is not ours, it is someone else’s, until that debt is paid off.
One of the biggest errors that people make in their lives is only paying the minimum on all debts owed. Whether it’s credit card payments, home or auto loans, or student debt, we think it’s fine to let it accumulate, planning to pay if off in total in the future, when we have the money to do so. The problem is that we never do, because the debt grows.
Paying off all your debts as soon as possible is essential to being able to retire on time or early. For more mistakes to avoid as you seek a comfortable retirement, read this article.