Kevin O’Leary Says ‘It’s Crazy’ To Pay 23% Interest On Credit Card Debt. Here’s What He Thinks ‘The Key To Life’ Is

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Kevin O’Leary Says ‘It’s Crazy’ To Pay 23% Interest On Credit Card Debt. Here’s What He Thinks ‘The Key To Life’ Is

When it comes to personal finance, Kevin O’Leary isn’t sugarcoating anything. The “Shark Tank” investor is once again calling out high-interest

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and urging people to make getting out of it a top priority.

“The reason I own all the credit card companies is I’m getting paid 23% by people that have credit balances on their cards,” O’Leary said in a recent

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. “It’s crazy that you would pay interest of 23% on what you owe the credit card company.”

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In an interview clip shared with the post, he went further: “You should pay off your balance there and then retire all your debt and start saving, even if you’re 30 or 40. You’d be amazed the

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over even a decade. It’s never too late. The key to life is stay out of debt.”

O’Leary also said credit card debt “comes out of nowhere and bites you” when you’re not ready. He called it “the

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in America” in a separate

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with WNYW-TV’s “Good Day New York,” emphasizing that most people don’t even realize how much they’re overspending.

His advice is to keep it simple: “Take a piece of paper, you don’t need a computer, write down the money you made in 90 days and how much you spent during that same *******.”

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The reality for many, he says, is that they’re spending more than they earn. And what makes up the gap? Credit cards, with interest rates now averaging around 21%.

U.S. consumers hold $1.18 trillion in credit card debt in Q1, according to the

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. Balances fell by $29 billion from the previous quarter.

Billionaire Mark Cuban

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. “If you use your credit cards, you do not want to be rich,” he told Dave Ramsey on “

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.” Cuban suggests paying them off and getting rid of them completely. “If you pay that down you just earned 15 or 20%,” he said. Ramsey added that 75% of wealthy people make staying out of debt a top priority.

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