Personally, because of student loans, mortgage (which doesn’t really count), and trying to keep up an extravagant standard of living during lean years, justified in part by expectation of making insane amounts of money in the future.
At this point, I have no savings because I’m in debt. I don’t have any expectation that I won’t be able to come up with however much money I might have saved in the case of an emergency, so the best use of my excess now is to pay off the debt, since interest rates are not in the favor of savings.
Personally, because of student loans, mortgage (which doesn’t really count), and trying to keep up an extravagant standard of living during lean years, justified in part by expectation of making insane amounts of money in the future.
At this point, I have no savings because I’m in debt. I don’t have any expectation that I won’t be able to come up with however much money I might have saved in the case of an emergency, so the best use of my excess now is to pay off the debt, since interest rates are not in the favor of savings.