You should be completely debt-free by the time you reach retirement, but sadly many older Americans have a significant amount of debt. Don’t fall into debt traps in your older years and prioritize paying off any debt that you do have.

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By the time you reach your 40s and 50s, debts should be lower or almost gone. Student loans should be non-existent, you may be paying for cars in cash, you might be pre-paying your mortgage, and credit card debt should not exist.

We call the 30s the messy middle for a reason – not only will life get crazy, you may also be taking on new debts and have new financial responsibilities (like kids). Don’t let your busier life catch up to you and trap you in debt.

The 20s are your most powerful for compounding interest, but can be the most dangerous for the compounding interest of debt. Avoid credit card debt entirely and stick to the Money Guy guidelines for student loans, auto loans, and housing expenses.