"Debt eats at your ability to build wealth over time. It steals your hard-earned income and causes you not to be able to do things like invest, not to be able to do things like pay cash for emergencies."
"If he diverts $2,000 toward the card as he originally considered and borrows the tuition gap, he is now managing two debt balances simultaneously while completing a demanding one-year degree program."
Christian has $11,000 saved, $2,400 in credit card debt, and a $15,000 tuition bill due in June. He considered borrowing $4,000 for tuition but was advised to pay in cash. Debt hinders wealth building and limits financial flexibility. Borrowing would add to his existing credit card debt, which has a high interest rate. Managing multiple debts while studying could be overwhelming. The recommendation is to avoid debt entirely and pay tuition upfront to maintain financial health.
Read at 24/7 Wall St.
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