Strategies for scaling back debt as retirement approaches

02/24/2013 | Fox Business

Baby boomers who want to reduce their debt before entering retirement should first try to cut back on paying for monthly expenses with credit cards and instead switch to cash or debit cards, says Katie Libbe of Allianz Life Insurance. They also should assess whether to pay off a mortgage first, or, if the interest rate is low, to direct the money to paying down higher-interest debt.

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