Statistically, our nation’s senior median debt has soared more than $40,000 in just the past three years. Here are some ways to bring it down — especially if retirement is in your personal mirror.
Refinance your credit card obligations from high interest to lower costing personal loans (peer to peer loans). They are generally easy to get online. Try Bankrate.com, a consumer finance services firm where folks with good credit can sink their teeth into a 5.5 percent rate. Their average is 11.3 percent.
If at all possible, double your payments when planning for your golden years. Shoot at high rate credit cards first. You’ll be amazed at the strong results.
Third, check out “needs” from “wants.” If there are holes in your budget — like that free offer you neglected to discontinue — contact a free service like Truebill.com, which seeks out and cancels unwanted subscriptions.
Sell stuff. Often retirees have all kinds of stuff they don’t need or can’t even use anymore. Raise cash by selling stuff on Craigslist or eBay, or hold a garage sale at home. Also you might take your unneeded stuff to a local consignment shop.
You might even sell a little-used car and immediately save on gas, insurance and maintenance. Can’t go wrong there!