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Heavy Debt in Retirement? Don’t Panic…Think Strategically
Many retirees find themselves facing heavier-than-expected debt loads when entering retirement. “The average American owes $6,354 on credit cards, according to Experian, but many retirees and soon-to-be retirees owe even more, on average.” And many senriors still carry mortgage into their retirement lives. What do do about it? There are systematic steps you can take if you’re in this situation, including actions like prioritizing debt paydowns, lowering living costs to free up cash for credit card payments, and taking a parttime job for extra cash flow. The Motley Fool’s Rita Williams provides some hints in a post today on their website. Check it out here…
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