Many Americans today are more concerned about paying off their debt than saving for retirement. I’m o.k. with that, to a point. I feel that making yourself debt free, or at least getting rid of all debt but your mortgage, is a great idea. Interest rates on consumer debt add years to paying off what may have been a reasonably priced purchase. If you are carrying debt, often, you are not paying your credit card bills in full each month. It happens, I understand. The interest rates and compounding schedules are crazy; this can extend the life and cost of a debt tremendously.
If you were to cut back on your long term retirement savings while paying extra toward your debt so you can wipe it off the books, great. Please remember to increase your long term retirement savings when that debt is finally gone.

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