Managing Debt in your 40s and 50s
Managing debt in your 40s can be a stressful task.
For many, it means shedding the more relaxed spending and borrowing habits they previously held. You have more financial responsibilities, like mortgage payments and school tuitions. Undoubtedly, you are beginning to think about your future and what you want retirement to look like. Putting money aside for savings and retirement accounts can be made more difficult for those with substantial debts, such as outstanding student loan or credit card debts.
Managing debt in your 50s requires action.
At this point in your life, you’re looking to handle debt as quickly and efficiently as possible. Saving for retirement is a main focus and it’s made more difficult when having to factor debt into the equation. Soon, you will be going from working and earning money to a fixed income of social security and retirement accounts. You will want as few monthly expenses as possible. Taking care of high interest credit card debt will help you save more and reach your retirement sooner.
Commit to a plan.
The most important step you can take is implementing a debt management plan. This will help you prioritize your debt reduction goals, set up an effective course of action, and minimize any wasteful spending or costly missteps that come at the hands of high-interest debt. Taking the right steps now can pay off tremendously down the line.
Connect with us and see what options are available to you.