Approximately 10,000 Americans reach the age of 65 each day. Many of them are hoping to retire, but may be unable to due to the amount of debt they owe.
"Our member offices have seen an increase in persons over the age of 62 seeking debt management help and persons hoping to enter retirement with large non-mortgage debt," said
AICCCA offers the following tips to pay off debt in preparation for retirement:
* Live below your means and stop extending income with credit. Rather than being forced to change your lifestyle dramatically because your debt payments are too high and you want to retire soon, change your lifestyle somewhat now. Prepare a better financial future for yourself by paying down unsecured debt and not creating any more.
* Create a plan to pay off debt. Set specific goals for paying down debt and then determine what needs to be done to reach the goal. For some people paying off a small balance quickly is motivating, for others paying down high interest debt is a better motivator. Find what encourages you and start right away.
* Seek professional help now if you don't know how to begin. If you need help developing a plan to pay off your unsecured debt, a non-profit credit counselor can assist you with making adjustments to your monthly spending to help reach your goals.
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