Credit card debt can delay, or even destroy, financial plans. The interest rate charged by these companies is generally high, usually between 15 and 25%! Make it a habit to avoid credit card debt and when incurred, pay off outstanding balances as quickly as possible.
Historically, investments in the stock market have paid off about 10%. Generally, credit card interest rates are much higher than this. Therefore, it is considered wiser to pay off credit card debt before beginning investments in the stock market. This should be discussed with your certified financial planner.
Credit card debt should always be paid off, credit card debt needs to be reduced in most of our lives, if not entirely eliminated. Not doing so can jeapordize your credit report and harm your future attempts at securing loans. If you purchase something on a credit card, you had better plan on paying it off...if not, the company who issued the credit can make notes against your credit report and even put the amount into collections. Pay it off.
According to Cardweb.com, the average U.S. household had $3,646 in credit card debt in 1993. By 2003, the amount had risen to a whopping $9,205! Get it paid down, now!