News Column

AICCCA Offers Last-Minute Tax Tips for Those Who Owe

April 30, 2014

FAIRFAX, Va., April 30 -- The Association of Independent Consumer Credit Counseling Agencies issued the following news release:

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. The Retirement Research Center at University of Michigan reports that more Americans between the ages of 56 and 61 are carrying more debt than at any time in recent history.

The Association of Independent Consumer Credit Counseling Agencies member offices counsel more than two million people every year. Counselors estimate that more than 10 million consumers could benefit from debt and budget counseling.

"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 David Jones, president, Association of Independent Consumer Credit Counseling Agencies. "A plan to pay down non-mortgage debt may end up being an essential ingredient for many pre- retirees to reach the goal of retirement."

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.

[Category: Banking]

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Source: Targeted News Service

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