Trying to decide whether to pay off credit card debts or start a new business

Dear Adey,

I just got a pay increase and I have over $35,000 in credit card debts, However I have the options of investing in retirement plans and starting up a business. What do you think?
Thanks
A.

Dear A

Thanks for writing me. If I were in your position, I will do the following. Live my life  like I never got the increase and use the extra money to pay off my debts as quickly as i possibly can, that way I can clean up the mess faster and have more than enough to invest in my retirements and also start my business. Here is my reasoning, If I let the debts linger, It will continue to accrue interest and even thou I start a business that is successful I will find my self using my profit to pay back/ service my debt instead of investing back into the business which might also make the business die before serious take off.  It is better to clear off all personal debts as much as you can to give you more room to plan for the future. 

Kind regards

Adey