For most people in their late 20s and 30s, debt is a huge menace. And this debt could be coming from different directions as well. Credit card debt, student loans, and car payments combine to demoralize you and to help spell out the notion that your debt woes are here to stay forever. Debt is the biggest reason why many people have no savings. Of course, no one wants to be debt-ridden, so it seems wiser to pay off loans first rather than save for retirement.