Retirees are encouraged to have as little debt as possible going into retirement. There is a man that has six hundred thousand in debt, because of credit cards and because of a mortgage. The best advice to give to someone like that is to not doing anything hasty, definitely don’t borrow more to accommodate the debt as that will just lead to more. The only thing that will help this is to stay on top of monthly payments, and alter your spending habits, make sure you’re spending less than you are earning.
Key Takeaways:
- It isn’t uncommon for retirees to be swimming in debt.
- Most financial planners recommend entering retirement with a paid off home and as little debt as possible.
- If you are nearing retirement, do not borrow more money.
““Last week someone from the court came to our house and said one of his credit card companies is suing him if he doesn’t respond to the court with a payment plan in the next two weeks,” the Reddit user said.”
Read more: https://www.marketwatch.com/story/retired-and-in-massive-debt-do-this-2019-07-29
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