As sharks on ABC’s “Shark Tank,” investors Kevin O’Leary and Mark Cuban don’t always see eye to eye. But they do agree on one thing: Getting — and staying — out of debt is one of the best things you can do with your money.
Cuban struggled with credit card debt himself in his 20s and realized that the money he lost to interest outweighed anything he could earn through investments in real estate or the stock market.
"Whatever interest rate you have — it might be a student loan with a 7 percent interest rate — if you pay off that loan, you're making 7 percent. That's your immediate return, which is a lot safer than trying to pick a stock or trying to pick real estate, or whatever it may be," he told MarketWatch.
He says that paying off all your debt in full is the best investment anyone can make.