When Paying Off Debt Doesn’t Pay

Financial advisors like Dave Ramsey often tout the importance of paying off your debt. People write entire books about paying off debt. Strangers on the internet describe their snowball method and share when they have paid off something substantial, and everyone applauds.

While I think it’s great if people want to pay off their debt, I often wonder if it’s the best financial move for them. There are many instances in which I would advise against paying off debt. All advice below applies to the US and laws regarding debts there. Your reality may vary if you live outside of…