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What should you do to obtain debt relief before retirement?

Planning for retirement is important, but many Washington readers may need to first seek debt relief before they do anything else. Retirement can financially overwhelm a person, especially if he or she still has a number of debts to settle after they stop working. There are typically many beneficial ways that debt relief can be found.

It is no secret that many Americans are overwhelmed by debt. This can be debt accumulated from years of credit card use, medical bills, mortgages and more. In fact, it is estimated that almost 40 percent of American pre-retirees from the ages of 60 to 64 are still paying on primary mortgages. An alarming twenty percent of those people have second mortgages on which they are still paying.

Other staggering statistics include the high number of Americans who carry credit card debt. Personal bankruptcy filings remain high across the country. What does this mean for Washington readers who wish to eliminate debt and work on saving for retirement? First of all, it is important to remember that there are many options for taking care of debt. Some of these options may include re-structuring the debt, negotiating lower interest rates or even certain types of personal bankruptcy.

For some people looking ahead to retirement in the future, a debt management plan may be a vital step toward finding debt relief. As is the case when making any type of important financial decision, it is important to understand all of the financial and legal implications of any retirement or debt relief plan. In some cases, bankruptcy may be a valid choice for those with particularly overwhelming debt.

Source:, How to Confront Debt Before You Retire, Daniel Solin, March 4, 2014

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