The Average American of Retirement Age Has $70,000 in Debt, Data Shows. Here's How to Whittle Yours Down Later in Life.
U.S. consumers routinely take on debt, whether in the form of a mortgage, auto loan, or credit card bill. And people are generally advised to try their best to pay off their debt before their senior years arrive.
The logic is that once you retire, you may move over to a fixed income that consists largely of Social Security and, if you're lucky, perhaps some modest withdrawals from the savings you've built. At that point, you may not have a lot of financial wiggle room.
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Source Fool.com