Credit card debt can make your savings an illusion

Category: Credit Card Debt Published: Wednesday, 24 February 2016 Written by Super User

My husband and I are both 61. Our combined income is $58,000. Our $225,000 house is paid for. We have $325,000 in an annuity and $120,000 in other investments. He will receive Social Security; I will have a public pension. I plan to work as long as they will have me.

We paid for major repairs to our home several years ago through a home equity loan. We still owe $10,000 on that, and have $33,000 in credit card debt. I have reduced interest rates to the lowest amount and work on paying off the highest-interest-rate card first. I also pay above the minimum on the others.

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