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Tuesday, January 31, 2023

Are Most People Debt-Free When They Retire? | Entrepreneur

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Good Debt vs. Bad Debt: The Differences – And Which To Avoid

According to the quarterly report on household debt and credit published by the Federal Reserve Bank of New York, household debt was $15.58 trillion in 2021, a rise of $340 billion. Debt elimination should be a financial priority. Being debt-free reduces stress, improves cognitive function, reduces disease, and enhances relationships, becoming more crucial throughout retirement. There are several sorts of debt, not all of which are categorized. Using a debt consolidation loan from a bank or other reputable lender to pay off high-interest credit cards is good debt.

Even if you have what was regarded as outstanding debt, experts believe it must be paid off before retirement. According to a report by MagnifyMoney, 46 percent of all Americans anticipate retiring with debt. In 2016, the average debt had climbed from around $7,500 to more than $31,000. Since 1999, the overall debt load for Americans over 70 has risen by 543 percent. The debt of persons in their 60s increased by 471% to $2.14 trillion.

During the pandemic, retiree debt increased by 104 percent over the previous year, according to a new analysis.

When you understand your income and spending, you may decrease or eliminate unnecessary costs. The snowball strategy eliminates the lowest debts under your name as quickly as feasible.

Source: https://www.entrepreneur.com/article/428567

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