At any age, credit card debt can be incredibly stressful. Card balances accrue interest, and too much debt can damage your credit score, which is never a good thing, especially in retirement.
The good news is, there are simple steps retirees can take to eliminate credit card debt according to Maurie Backman at The Motley Fool. Some might think it’s not an issue for seniors, but it is.
To get rid of that debt, Backman recommends putting yourself on a budget. She suggests going through your bank account and card statements to figure out where you’re spending. Then, adjust your expenses so you can shift cash to pay down card balances.
You might consider taking a part-time job to add to your monthly income. You can devote that income to paying off debt. An occasional windfall like a tax refund or other lump sum can be applied to reduce debt without disrupting your budget or other needs.
Council of Seniors Wants Your Money Returned to You
You deserve every cent that’s entitled to you in retirement. That’s why Council of Seniors is working tirelessly to get Congress to pass The SAVE Benefits Act. Because the annual Social Security cost of living adjustment (COLA) was inadequate in recent years, this legislation is crucial. If passed, seniors will be reimbursed $581 to make up for the missing COLAs.
By signing our petition today, you will help us show greedy politicians how many people support this bill.
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