Debt experts the world over agree that it is important that you pay off your unsecured debts as soon as possible. An unsecured debt is going to be a credit card or other debt that does not offer collateral for the loan. The reason it is so important to pay off the unsecured debts is that they have higher interest rates and can haunted you as you get older. They take a great deal more income to pay off. Some people just try and forget about their debts in the hope that they will simply disappear. The sad fact is that debt does not just go away and action needs to be taken to get your finances in order.
To pay off your unsecured debts you need to look for a secured loan. Even if you just pay off a portion of the unsecured debts you will be better off in the future. In a recent study it was found that 63 percent of those over 60 have unsecured debts that they are now struggling with. They are struggling because their income is lower, most have already tried to retire and their pensions are not covering the costs.
So it is imperative that you manage your unsecured debts. By doing this you will obtain an affordable secure loan. A secure loan offers colonial like your home or even a part of your home. This helps you to save your money for where it is needed. If you are already over sixty and struggling, you could try a reverse secure loan that offers you equity in the home, without monthly payments.