Yet there’s broad consensus that you should eliminate all credit card and other high-interest debt before retiring. If you haven’t paid down debt that’s not tax-deductible by your 50s, now’s the time to do it. You don’t want to remain exposed to rising interest rates and late charges when you’re no longer earning a paycheck.
A personal line of credit lets you borrow money over time, rather than just once, but there can be downsides to this form of debt.