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 credit card debt 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 post on X. 'It's crazy that you would pay interest of 23% on what you owe the credit card company.'Don't Miss:
Hasbro, MGM, and Skechers trust this AI marketing firm —
Invest where it hurts — and help millions heal:.
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 power of compounding interest 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 real silent killer in America' in a separate interview 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 period.'
Trending: Maximize saving for your retirement and cut down on taxes: .
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 Federal Reserve Bank of New York. Balances fell by $29 billion from the previous quarter.
Billionaire Mark Cuban shares the same view. 'If you use your credit cards, you do not want to be rich,' he told Dave Ramsey on 'The Ramsey Show.' 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.
O'Leary insists it comes down to buying only what you can truly afford. He used his watches as an example: 'This is a priceless Rolex... probably worth $150,000. Here's a $300 Timex. Why do I wear them both? Two different time zones, but also this is a beautiful dial for 300 bucks.'
Read Next:Many are using retirement income calculators to check if they're on pace —Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
Get the latest stock analysis from Benzinga?
APPLE (AAPL): Free Stock Analysis Report
TESLA (TSLA): Free Stock Analysis Report
This article 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 originally appeared on Benzinga.com
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
2 hours ago
- Miami Herald
D. Boral Capital Celebrates Success of Inaugural DBC Conference
Event featured Shark Tank's Kevin O'Leary as keynote speaker, and had 70 companies with over 400 attendees participating NEW YORK, NY / ACCESS Newswire / June 5, 2025 / D. Boral Capital, a relationship-driven investment bank focused on growth issuers and their investors, celebrates the success of its Inaugural DBC Conference, which featured Shark Tank's Kevin O'Leary, a.k.a. Mr. Wonderful, as keynote speaker. Seventy companies and over 400 attendees participated in the event, resulting in 450 meetings. The conference took place on May 14, 2025, at The Plaza Hotel, New York City. "We are proud of the success of our Inaugural DBC Conference and to have hosted Mr. Wonderful as our distinguished keynote speaker," said David W. Boral, Founder and CEO of D. Boral Capital. "At D. Boral Capital, we are focused on building strong relationships and delivering exceptional service, which we feel was reflected in our premiere event. Our sights are already set on our 2026 conference, where we aim to deliver an even more impactful experience for attendees." For updates on the 2026 DBC Conference, visit About D. Boral CapitalD. Boral Capital LLC is a premier, relationship-driven global investment bank headquartered in New York. The firm is dedicated to delivering exceptional strategic advisory and tailored financial solutions to middle-market and emerging growth companies. With a proven track record, D. Boral Capital provides expert guidance to clients across diverse sectors worldwide, leveraging access to capital from key markets, including the United States, Asia, Europe, the Middle East, and Latin America. A recognized leader on Wall Street, D. Boral Capital has successfully aggregated approximately $30 billion in capital since its inception in 2020, executing ~350 transactions across a broad range of investment banking products. D. Boral Capital is a member of FINRA and SIPC. Contact Us:D. Boral Capital590 Madison AvenueNew York, NY 10022Main Phone: +1 (212) SOURCE: D. Boral Capital
Yahoo
2 hours ago
- Yahoo
Her Husband Signed The Contract—Then Panicked. A $1,880 Mortgage Left Them With No Room To Breathe, And Now He Wants Out
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A stay-at-home mom thought she and her husband had found the perfect home. They agreed to a $430,000 price, put together a $165,000 down payment from savings and a gift, and signed the contract. Then her husband changed his mind. 'It met all our needs, in one of the best school districts in the state, and needed nothing done to it,' the original poster wrote on Reddit's r/RealEstate. But after crunching numbers, her husband had a meltdown. Don't Miss: Invest Where It Hurts — And Help Millions Heal: Maximize saving for your retirement and cut down on taxes: . The couple planned to put down $85,000 of their own money plus an $80,000 gift from his parents. Their monthly mortgage payment was estimated at $1,880. With a take-home income of $5,500 and no major debt, the numbers seemed manageable. Still, the husband panicked, saying there wouldn't be enough 'free cash' left every month. In a follow-up, the husband explained, 'My $5,500 take-home is net after maxing out the 401(k)... we want to allocate $30K of the sale price [of our current home] to an emergency fund.' He added that they were also contributing $1,200 a month to Roth IRAs and $400 to a college fund, leaving them with only a few hundred dollars in wiggle room. Even though the home was a rare find that ticked every box, the husband now wants to consult a lawyer to get out of the contract. Their realtor advised waiting until inspection to potentially withdraw—a common tactic even if the inspection is 'informational only.' Trending: With Point, you can But that wasn't enough reassurance. The husband admitted, 'The largest reason I am experiencing anxiety is that we are coming from a $1,100 a month mortgage payment, which leads to a lot more free cash. I just want to make sure my family is financially sound.' Commenters weighed in fast and hard. 'I would kill for a $1,900 a month mortgage,' one wrote. Others were more sympathetic. 'Financial stress is hard on marriages, and your husband is prone to it. He probably isn't suited to homeownership because of ongoing repair costs. He will fret about it,' one person said. Another reassured OP saying, 'You plan to go back to work and it will add to your budget. It's scary to make a big purchase, but I would regret walking from my perfect home. It may not come back around.'Many questioned whether the fear was justified. '$1,880 a month is less than what most rents are for a decent place,' a commenter said. 'You're in far better shape than most. This seems like panic, rather than an actual financial issue.' Some pointed to the family's unique situation. 'They have an autistic child. Adds a ton of insecurity,' one user noted. Still, others slammed the decision-making process. 'You should have been looking at $300K and lower houses,' one wrote. 'How did a mortgage company approve that?' One agent weighed in honestly: 'Signing a contract that does not give you any sort of due diligence or inspection contingency, and is only for informational purposes, is a really bad idea. No house is worth that.' If the couple backs out, they'll likely lose the $3,000 earnest money deposit. Most commenters agreed it's a small price to pay compared to long-term regret or marital tension. But others warned that dragging it out might damage their standing in future offers. . With over $1 million in dividends paid out last quarter and a growing selection of properties across various markets, Arrived offers an attractive alternative for investors seeking to build a diversified real estate portfolio. In October 2024, Arrived sold The Centennial, achieving a total return of 34.7% (11.2% average annual returns) for investors. Arrived aims to continue delivering similar value across our portfolio through careful market selection, attentive property management, and thoughtful timing in sales. Looking for fractional real estate investment opportunities? The features the latest article Her Husband Signed The Contract—Then Panicked. A $1,880 Mortgage Left Them With No Room To Breathe, And Now He Wants Out originally appeared on
Indianapolis Star
2 hours ago
- Indianapolis Star
D. Boral Capital Celebrates Success of Inaugural DBC Conference
Event featured Shark Tank's Kevin O'Leary as keynote speaker, and had 70 companies with over 400 attendees participating NEW YORK, NY / ACCESS Newswire D. Boral Capital, a relationship-driven investment bank focused on growth issuers and their investors, celebrates the success of its Inaugural DBC Conference, which featured Shark Tank's Kevin O'Leary, a.k.a. Mr. Wonderful, as keynote speaker. Seventy companies and over 400 attendees participated in the event, resulting in 450 meetings. The conference took place on May 14, 2025, at The Plaza Hotel, New York City. 'We are proud of the success of our Inaugural DBC Conference and to have hosted Mr. Wonderful as our distinguished keynote speaker,' said David W. Boral, Founder and CEO of D. Boral Capital. 'At D. Boral Capital, we are focused on building strong relationships and delivering exceptional service, which we feel was reflected in our premiere event. Our sights are already set on our 2026 conference, where we aim to deliver an even more impactful experience for attendees.' For updates on the 2026 DBC Conference, visit About D. Boral Capital D. Boral Capital LLC is a premier, relationship-driven global investment bank headquartered in New York. The firm is dedicated to delivering exceptional strategic advisory and tailored financial solutions to middle-market and emerging growth companies. With a proven track record, D. Boral Capital provides expert guidance to clients across diverse sectors worldwide, leveraging access to capital from key markets, including the United States, Asia, Europe, the Middle East, and Latin America. A recognized leader on Wall Street, D. Boral Capital has successfully aggregated approximately $30 billion in capital since its inception in 2020, executing ~350 transactions across a broad range of investment banking products. D. Boral Capital is a member of FINRA and SIPC. Contact Us: D. Boral Capital 590 Madison Avenue New York, NY 10022 Main Phone: +1 (212) 970-5150 info@ SOURCE: D. Boral Capital View the original press release on ACCESS Newswire
