Finance, Estate & Legal

8 Debt Reduction Tips for Seniors

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Debt prevention and reduction are important at any stage of life, perhaps even more so for Seniors, Boomers, Zoomers, and 50+ in general facing reduced/fixed incomes.

 

Here are 8 tips to help you reduce your debt:

  1. Create a budget – use free budgeting tools to help track spending, pay debts and live within your income
  2. Set financial goals and plan ahead for your retirement & lower income years
  3. Use credit cautiously and avoid impulse purchases
  4. Pay off high interest debts first
  5. Replace high-interest loans with lower-rate financing by restructuring or consolidating debt
  6. Consider keeping money in investment accounts instead of taking big lump sums to pay off debt when interest rates are low
  7. Bump up loan payments slightly to reduce interest costs
  8. Property rich and cash flow poor? Consider borrowing against the equity in your home (it’s tax free)

 

Anita Hamilton

Baby boomer Anita Hamilton has always been interested in the "real people" stories behind the characters that create and inhabit the world of music, books, movies, television shows, current events, history, etc. A lifelong love of research (ok, nosiness) and writing, combined with a loving and supportive family (complete with 3 mini-dachshund minions), keeps her busy.

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