Avoid Credit Card Debt Financial Regret #4 Explained!

Welcome back. This is Luis Baragas, your financial life healer. And we're still on our series of financial regrets. And financial regret number four is accumulating high interest debt credit. And so I will share with you that I meet with a lot of young couples who have 20, 30, 40, 50, even $60,000 in credit card debt. And we've gone back and taken a look at where that debt's come from. It's been from travel, eating out, buying clothes, just spending money on things that really aren't worth anything in the future. So I will share with you that pay attention to how you're spending your money. I'm not telling you not to buy clothes or watches or cars or whatever if you have the money to pay them and you can pay them right away. But if you're basically buying things on credit because you can't afford them and you want them, you're making one of the biggest mistakes because you're paying really super high interest. I see interest anywhere from as high as 16% to 24 to even 30% interest. And you're never going to get a debt and you're never going to accumulate any type of wealth. So pay attention to your spending habits. Take a look at your credit card. It's time to get control of it. Don't stick your head in the sand. If you a lot actually, if you can't get out of debt, there's Debtors Anonymous, there's financial planners that focus on helping you get out of debt. Whatever you do, seek help if you having a hard time getting out of debt. Because again, basically debt is like being in prison. You're a slave to that interest.