Credit card debt, or debt in general for that matter, is something that is always best addressed sooner rather than later. There’s nothing worse then coming to the end of your career, only to find bills piling up on your doorstep like there’s no tomorrow. So, as an alternative, it might be better for you to find ways to better manage your debt while you’re still in a job and earning an income as this in when you’re bet equipped to deal with the issue. However, should you find yourself unemployed or retired and you still have debt to take care of, I would recommend that you either find a job in order to pay back what you owe or tuck into your savings (should you have any) in order to pay it off. Taking out a loan to pay-off the debt isn’t advisable as this will only create more debt and get you deeper into trouble. If you don’t have enough savings to support yourself and pay off your debt, finding a job is probably the most likely way you’re going to get rid of the outstanding amount. Personal debts to friends are a different story as sometimes an agreement can be met whereby both party benefits and the outstanding amount is either paid of in a way that suits the debtor best or in some cases the outstanding amount can be cleared out of goodwill or on completion of favor as per the creditors demands etc.
However, in the case of having debt with a financial institution such as a bank or any other business for that matter, it can be a lot harder to have the issue resolved. In many cases, the elderly will rely on pension funds, savings or assets to clear their debts provided they haven’t already gotten rid of them. Sometimes they rely on their children or relatives to provide them with the money in the interim. While this may be an option, many would prefer to pay their debts themselves and therefore either leave retirement to find work or post-pone retirement until the debt has been paid.
During this time, it’s important that you spend your money carefully, stay within a tight budget and always try to have at least 2-3 months worth of cash saved up in case of an emergency (unless this amount will cover the debt in the first-place, in which case it’s best to use it for that). This will help to ensure that you have enough money each month to live, enough in case of an emergency and still be able to effectively pay off your debt after your retirement.
But at the end of the day you can’t bring any money with you to the afterlife. Even though many ancient societies tried to, look at ancient Egyptian burial customs. Why not live your life to the fullest. You can’t bring your credit score with you nor does it really matter if you die with debt. So maybe the answer is to spend away and enjoy your life when you are in retirement.