Debt is a burden that affects almost everyone nowadays, especially credit card debt. According to LendingTree, Americans are holding $986 billion in debt collectively, with the average cardholder carrying a balance of $7,279 in December 2022.

That’s a lot of debt! Especially with credit cards, which are notorious for having extremely high-interest rates, which eat away at your ability to get ahead financially. After making a few not-so-great choices in my early 20s, my wife and I focused our efforts on getting out of debt (except for our mortgage).

According to a survey conducted by CreditCard.Com, more than a third of Americans incurred debt over the holiday season. I have always said that you will have more money if you are earning interest on it instead of paying interest to someone else, but I had to learn that lesson the hard way because I left the military after 12 years of service with over $32,000 in credit card debt.

The sad part is that I did not accumulate that debt because of a medical emergency or because I lost a job. I was in the military and my housing was paid for, my food was paid for, the Army provided me with a uniform, and my dental and medical were free.