Warren Buffett warns against carrying a credit card balance: 'You can't go through life borrowing money at those rates' investinyou (In partnership with acorns.)
But if you have the means to pay down your balance, it's better to do it sooner rather than later, said legendary investor Warren Buffett during, which was held virtually this year from Omaha, Nebraska.
A friend of Buffett's recently came into some money and asked his advice on what to do with it, he recalled. His first question to her was whether or not she had credit card debt. She did and was paying an interest rate of about 18%. "If I owed any money at 18%, the first thing I'd do with any money I had would be to pay it off," Buffett told her. "It's going to be way better than any investment idea I've got."
By paying off the balance, she would save more money on interest than any return she could get by investing the money, whether in the stock market or in real estate or elsewhere, Buffett said. "I don't know how to make 18%," he added.Warren Buffett16% as of May 2020
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