2. Credit Card Debt
About 1 in 3 American adults ages 55 to 64 carry a credit card balance — and the median amount they owe is $3,000, according to an analysis of credit card debt by GOBankingRates.
Credit card debt typically carries a high interest rate, so get rid of it. The longer it takes you to pay it off, the more you will pay in interest. That will leave you with less money to stash in retirement savings or to pay down other debt. Remember, unlike mortgage and student loan interest, you can't deduct credit card interest on your tax return.
Use an online credit card calculator to see how long it will take to pay off what you owe based on the monthly payments you make. For example, if you owe $5,000 on a card with a 15.00% APR and pay $300 per month, it will take one year and seven months to pay it off. And you'll pay $642 in interest. If you increase monthly payments to $500, it will take only a year to wipe out your debt, and you'll pay just $375 in interest.
"You should always be paying above the minimum on your credit card," Tayne said. "However, if you are trying to get your debt down fast, you might want to consider making biweekly payments on your credit card. This will help you pay both interest and principal."
To boost payments, Frankle recommends cutting your expenses and finding ways to increase your income — such as by getting a second job or renting out a room in your house. And be sure to leave your credit card at home so you're not tempted to use it, Tayne said.