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Need to Pay Down Debt? Here’s How

Paying down retirement debtFor would-be buyers of retirement real estate, one of the most common pieces of advice is to pay down debt before seeking a mortgage loan. Now we have advice on the best ways to manage your budget so you can do just that. The tips come from Mechel Glass of CredAbility, guest columnist at the

Equifax Personal Finance Blog.

Before you start paying extra toward debt, Glass encourages you to make sure they’re meeting their basic needs, especially the mortgage or rent payment. In her article, “

How to Pay Off Your Debt: Prioritize Your Spending Needs and Your Debt Payments,” Glass says that foreclosure may take months to occur, but that missed mortgage payments WILL catch up with you. Next, make sure you pay for your necessary expenses, including utilities, taxes and food. But food, according to Glass, doesn’t mean always eating out in restaurants or spending $3 on coffee. If your budget is tight, those things are not the best use of your money. (Continued…)

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