Managing your finances can be challenging, but certain aspects carry more weight than others. It is crucial to be aware not only of the actions to take but also of the common mistakes to avoid. Ellevest CEO Sallie Krawcheck joined TheStreet to discuss the key financial mistakes to avoid.
Full video transcript below:
SALLIE KRAWCHECK: For credit card debt, if you can't pay it without charging it to the credit card, then you can't pay it. And I know that there are extenuating circumstances and moments when you have to go into debt. But as a general rule, if you buy something on credit, you can't afford it, okay? Second, if you already have credit card debt, you should do the best you can. You actually want to pay off that credit card debt, given that rates are at record levels before you start investing, before you even, you know, maybe build up an emergency fund and just eliminate that thing because of high interest rates. It can really be a big drag on wealth creation and your lifestyle.
