The article discusses prevalent money misconceptions among baby boomers, emphasizing the dangers of adhering to outdated financial beliefs. It highlights the myth that paying off a mortgage quickly is always beneficial, suggesting that maintaining low-interest debt can be advantageous for investments. Similarly, it challenges the notion that all credit cards are detrimental, pointing out the rewards they can offer when managed responsibly. With millions of baby boomers poised to retire, addressing these myths is crucial for healthier financial futures.
While you want to pay bad debt like high-interest credit card balances right away, it's better to keep good debt. Good debt consists of financial obligations with low APRs that advance your long-term financial goals.
Irresponsible credit card use is bad, but paying off your balance at the end of each month turns your credit card into a free rewards machine.
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