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 GNO FCU for ideas about ways to make the most of your financial resources.