Ask Terry Questions Home Equity Loan / Retirement

Home Equity Loan / Retirement

By Terry Savage on June 10, 2023 | Credit/Debt

Is a home equity line of credit a good way to buy a car, pay off credit card debt? I would like to retire (I’m 65).

Terry Says

Easy answer here: Don’t retire until you’ve paid off all your credit card and other consumer debt! You simply “can’t afford” to retire with these outstanding obligations. And taking on more/different debt is not the answer. Keep working. Don’t take SS until your full retirement age — nearly 67. Save every extra penny and pay off all your credit card balances. The reward is: You then get to retire!

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