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Save more for retirement by reducing credit card debt

Many of those in the workforce in Florida and throughout the country often dream of the day they can quit their jobs and retire. However, a growing number of employees feel less confident about their future ability to leave the working world someday. In a recent survey by a national brokerage firm, the results showed that members of a particular demographic don't believe they will ever be able to fully retire. While there are many contributing factors, one reason often cited is mounting credit card debt.

According to the survey, 37 percent of employees born between 1965 and the late 1970s, members of Generation X, have stated that they can not afford to quit work one day. Over 40 percent indicated that they are behind in saving for their futures, while 17 percent said they are not investing anything at all. Financial experts strongly suggest that everyone consider the importance of saving for the future. With high credit card balances, it is difficult to put money aside for the future.

The Federal Reserve recently reported that credit card debt has reached $1 trillion, an all-time high for the country. In addition, credit card balances for consumers increased 13 percent. Financial planners want consumers to realize that, while credit cards may be useful tools, there are implications for not managing them wisely. Having a large amount of credit card debt can rob someone of the ability to save and plan for the future.

Credit card debt, when coupled with the inability to save for retirement, can feel overwhelming. To reduce or eliminate the debt and start saving for the future, it would helpful to seek the guidance of a Florida bankruptcy attorney. A knowledgeable lawyer will work with clients to develop a plan that can help them get their finances back on track.

Source: foxbusiness.com, "Retirement saving: How to control credit card debt", Julia Limitone, Jan. 10, 2018

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