In Virginia, many older adults wonder if they will get out of debt before retirement. Some have spent numerous years accumulating debt. These individuals confront financial difficulties -- including the reality that they never had the chance to save any money -- by the time they retire. Unfortunately, debt usually begins early in adult life.
For example, college students often get into debt but are unable to pay back the borrowed funds. Higher interest rates on credit cards make it impossible for them to pay back their debts. Many people max out their credit cards because they do not have enough money to pay for their daily expenses. Moreover, these same individuals often possess several credit cards, and this results in owing thousands of dollars to lenders.