Ogden Nash once said “Some debts are fun when you are acquiring them, but none are fun when you set about retiring them”. This quote supports our society current economic situation as many of our retirees are still in debt when they are retiring. According to Social Security Administration. Gov. “in 2010, 80.2 percent of near-retirees held household debt, the mean household debt among near-retiree household in 2010 was $120,871, with the mean for consumer debt of $18,371. We can infer from this amount that many citizens who are planning to retire are still in debt; leaving us with the question is debt beneficial or hindering to citizens. With our economy being based on credit worthy it is detrimental for our country at this time. First,