It is no secret that many Tennessee residents look forward to retirement. They may feel that they will have the time to do more of the activities they enjoy without having to plan around work schedules. However, if a person has considerable credit card debt, their retirement plans could potentially be affected. Therefore, they may wish to look into their options for handling such debt before retirement.
Though retirement can be an exciting time in a person’s life, it typically also means they are living on limited funds. As a result, if they have significant debt, they may find themselves facing considerable stress as they attempt to manage their debt. Whether the debt carried over from a time before retirement or was accrued after retiring, the situation can become more difficult to take care of.
It was recently reported that older individuals are accruing more credit card debt, and as mentioned, this accumulation close to or during retirement may leave an individual in a difficult financial bind. Using credit cards during retirement may seem like a good idea to supplement a fixed income, but it is important to remember that that income must be used to pay off debt balances. If a person must use credit in a situation, making sure that the balance is paid could stave off serious monetary issues.
No one wants to spend their retirement days feeling stressed over credit card debt. Therefore, seeking information on ways to manage such debt in Tennessee could help residents become more financially stable before they retire. Bankruptcy may be a feasible option for those who qualify that would allow them to get their finances on track and on their way to an enjoyable, stress-free retirement.
Source: USA Today, “Debt: The big threat to a happy retirement“, Rodney Brooks, Aug. 12, 2014