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Forbes: How to Save Money When You're Broke

Becoming Debt-Free Faster

If you’re nearing retirement and still can’t afford monthly debt bills, it’s time to change your approach so that you can live comfortably through your golden years. Techniques such as debt settlement and debt consolidation can help you take control of your debts and get debt-free faster.

Debt consolidation rolls all your debts and loans into one. It simplifies the repayment process and typically saves you money on interest and fees. Debt settlement, typically considered the better option, actually reduces the amount of money you owe. It can get you out of debt years earlier and save you thousands of dollars.

Once you’re debt-free, celebrate the achievement. You can now use more of your income to save for retirement.

(iStock)

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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