If you can't afford it without credit, you can't afford it, Sallie Krawcheck says

Navigating your finances can be challenging, but certain aspects carry more weight than others. It's crucial to be mindful not only of what actions to take but also common pitfalls to avoid. Ellevest CEO Sallie Krawcheck joined TheStreet to discuss the key financial mistakes to steer clear of.

Full Video Transcript Below:

SALLIE KRAWCHECK: For credit card debt if you can't afford it without putting it on the credit card, then you can't afford it. And I know there are extenuating circumstances and times when you have to go into debt. But as a rule, if you're buying something on credit, you can't afford it, okay. The secondly, if you're already in credit card debt, you've got to just do the best you can. You actually want to pay down that credit card debt, given that it is the rates are at record high before you start investing, even before you, you know, maybe building an emergency fund and just chip away at that thing because the high interest rates can really be such a drag on wealth creation and your lifestyle.