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.