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Forbes: How to Save Money When You're Broke

Pay Off Credit Cards

Pay off loans with the highest interest rates first–typically credit cards. Then you can move on to other debts like student loans, auto loans and mortgages. Depending on how much debt you have, this can require a financial commitment for months or even years. It’s important to keep at it until you’ve resolved your debts completely.

Just remember that your objective is to reduce your debts so that you can use your money for retirement. If you then rack up more debt, such as on a credit card, you’ll undo the intended benefits of paying off old loans.


More From Forbes:
Ten Steps To Get Your Retirement Back On Track
25 Best Places For A Working Retirement
10 Best Countries To Retire To in 2013

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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