People preparing for retirement are wise to get all their ducks in a row—including paying off any debt that can be eliminated before they retire and find themselves on a fixed (and often substantially reduced) income.

Among the types of debt people carry, a prime target for such a payoff is credit card debt.

With the high rate of interest typically charged when a person carries a balance from month to month, it only makes sense to pay it off as quickly as possible.

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