People preparing for retirement are wise to get all their ducks in a row — including paying off any debt that can be eliminated before they retire and find themselves on a fixed (and often substantially reduced) income. Among the types of debt people carry, a prime target for such a payoff is credit card debt.
With the high rate of interest typically charged when a person carries a balance from month to month, it only makes sense to pay it off as quickly as possible.
Since the Great Recession, lots of folks have been stuck, though, carrying balances when before they might have paid off whatever they charged each month.
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