Retire without credit card debt! 4 repayment strategies to consider ...

As you near retirement, paying off credit card debt is crucial. This debt can eat into your retirement nest egg and reduce your standard of living. For example, if your retirement budget includes $700 in credit card payments, that’s a big bite out of your budget that could go toward bills, groceries and enjoying your … See more

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Retire Without Credit Card Debt! 4 Repayment Strategies To Consider ...

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What To Do If You're Approaching Retirement With Credit Card Debt

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FAQs about Retire without credit card debt! 4 repayment strategies to consider ... Coupon?

Should you eliminate credit card debt before retirement?

Eliminating your credit card debt prior to retirement is your most important job. As Dvorkin puts it, “credit cards and retirement don’t mix. Or they do mix—like gasoline and an open flame.” Student loans might seem like a concern for people who are far from being in the trenches with retirement planning. ...

Should you carry credit card debt into retirement?

Howard Dvorkin, CPA and chairman of Debt.com, has a dire warning about carrying credit card debt into retirement. “Right now, [credit card] interest rates are hovering around 20%,” Dvorkin says. “That means you’re paying a dollar for every five you borrowed.” ...

Should you use retirement money to pay off credit card debt?

Still, there is one time when it probably is a good idea to use retirement money to pay off high-rate credit card debt: It's when you're still working, and can borrow money from an employer-sponsored retirement plan — and then repay the money to yourself without tax consequences. Let me explain why this could be a good idea and how to go about it. ...

Should you pay down debt in retirement?

Cost-of-living increases for Social Security have hovered around 2% for many years, so it’s not hard to see how cruel the math of a 19% credit card APR or even 8% student loan interest rate can be for retirees. Here’s the truth: There are no easy answers when it comes to paying down debt in retirement. ...

How can I pay off my debt in retirement?

Work up a plan and follow it to wipe out debt. Here are some steps you can take to pay off loans and enjoy the remainder of your retirement days debt-free. Look over your accounts. If you’re not sure how much debt you have, start by adding up all loans, mortgages and credit card bills. Then check the interest rates attached to each balance. ...

Should you liquidate credit card debt before retirement?

For most people, that means liquidating credit card debt and private student loans, before moving on to balance retirement investing against paying off federal student loans, car loans and your mortgage. Let’s take a closer look at how you can manage those four main types of debt as you sketch out your retirement plan. ...