I like to think of retirement saving as building a house and its crucial for one to have a solid foundation onto which to build this house, having credit card debt is the antithesis of having a solid foundation. When you’re talking about retirement, it’s about growing your nest egg… which is extremely difficult if you need to service a debt with an interest rate as high as some credit cards charge. Unlike other common types of debt, such as auto loans or mortgages, it’s especially painful because the debt is at a high interest rate and it’s not even deductible.
Avoid credit card debt (and debts from bookies!) at all costs.
Source: Yahoo Finance