Why Credit Card Debt Can Derail Retirement Savings

By Ray Pinard | November 15, 2013

This from the Business Insider website:

Today’s Smart Investor tip comes from Darla Mercado at financial publication InvestmentNews.

While most workers consider saving for retirement a simple calculation of plan type, contribution rates, and investment allocation, Mercado says the impact of high consumer debt levels is often overlooked. “Credit card balances and mortgages take a significant bite out of workers’ ability to save,” she says. Putting aside 10% of your salary while racking up 12% in debt, for example, is a losing battle.

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