What are your retirement dreams? If you’re approaching retirement, it would be wise to clear up any credit card debt now to ensure your retirement is as worry-free as possible.

To help stay clear of credit card debt:

• DO pay off your credit card debt before you retire and no longer earn a salary or wages.
• DO pay for rent or mortgage, food, utilities, transportation, and prescriptions first before paying credit card companies.
• DO understand your rights under the Fair Debt Collection Practices Act.
• DON'T take money out of a tax-deferred retirement account to pay off a big credit card bill. You may have to pay taxes on the withdrawal, which could turn a $15,000 debt into a $20,000 expense.
• DON'T buy big-ticket gifts for the kids and grandkids until you are debt-free.
• DON'T wait until your finances are out of control before you seek help. Desperation makes you vulnerable to predatory lending practices.

And, as always, talk to us at [name credit union] for ideas about ways to make the most of your financial resources.

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