Debt can get in the way of your retirement

The Motley Fool reports, "If escaping debt were easy, no one would ever file for bankruptcy. Even worse than recognizing the opportunity cost of debt, though, is the feeling that you're just treading water."

"If your debt is significant, and the terms are onerous, you can easily wind up paying two or three times as much as you borrowed in the first place. That kind of debt is hard to overcome."

"You have two options: Spend less, or earn more to increase the amount of money you can put towards paying down your debt. Disciplined savings strategies, living below your means, and taking on extra work are all time-honored ways to pay it off and start saving for retirement."

"As you pursue those strategies, consider as well that all debt is not created equal. Consumer debt, unlike mortgages and student loans, commonly boasts interest rates much higher than you're likely to earn through investments. Even worse, it doesn't provide any tax benefits."

"If you have credit card debt, and you're saving for retirement above and beyond that required for an employer match, consider spending that money on paying down the debt. In the end, your bottom line will grow that much faster."