You’ve been building your nest egg for years now, but then the recession hit and you had to tap into it to cover unexpected expenses and mounting debt. Now, after the storm has come and gone (for the most part), you’re trying to get back on your feet. You’re not the only one.
Women are facing unprecedented debt, especially among those in the pre-retirement and retirement stage, according to a recent report from CareOne Services.
Forty-five percent of women seeking debt relief assistance have more than $50,000 in household debt, up more than 10 percent from two years ago.
To pay down debt after getting clarity on what you owe, experts suggest using an online debt calculator to set up aggressive monthly payments and go on a
cash-only diet.
Next, they advise studying your spending habits and reducing unnecessary purchases to stop adding to your debt. Then pay off the high-rate debt first and transfer it to lower rate loans when possible.
Financially independent women say once you’ve taken control of your finances, it’s wise to determine goals, set a strict budget for personal and household expenses and begin to replace what was taken from your nest egg.
Bonus PINK Link: Find out how to slash your debt and keep it in check.
By Muriel Vega
“Before borrowing money from a friend, decide
which you need most.” American Proverb
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