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Getting seniors out of debt

 
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ArnoldF
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PostPosted: Mar 31, 2013 9:36 pm    Post subject: Getting seniors out of debt Reply with quote

Carrying a heavy debt load is never enjoyable, even with the debtor's age. Debt in old age is another matter completely, however. It's harder to make a dent in huge amounts of debt when an individual lives on a set income. Nobody plans for it to occur, but senior citizens working with debt have become increasingly common. Source of article: get more details


Get from it before the golden years

In case you are young, it is totally worth paying down poor credit so as to avoid having to do so as part of your golden years. You do not want to have to keep paying debt when you are already in retirement. It may not be worth it if you are already older though, according to some experts.

Seeing all the figures

Here's a nightmare scenario of senior debt load. Let's say you have a personal bank loan on the ledger for $2,000. Maybe there's big-time charge card debt that exceeds $15,000. These are things that creditors won't ignore, even if the borrower is elderly. The law will be on the side of the creditor, too, and as such, the creditor will do every little thing it can to pursue the borrower via aggressive collection efforts via mail, telephone and more. For a senior citizen with relatively few assets and a fixed income, all it takes is a court's judgment against you for seizure and misery to take hold. A lien could be placed against a home when the debt is sizable enough, but thankfully, Social Security benefits are protected under federal law. Unfortunately, the same may not hold true for employee pensions, depending upon the state.

Credit consequences

Having bad credit could be a severe problem for individuals as well. Seniors with bad credit will not have access to things such as auto loans, which might make it hard to get a brand new vehicle. It might be worth it to give up the cash just to avoid bad credit.

Poor credit might also trigger automotive and homeowner’s insurance costs to rise, because insurance corporations are scavengers constantly on the watch for financial carrion. The worse an insured's credit is, the more they'll pay. Similarly, poor credit can trigger required security deposits on rental properties, utilities and cellular telephones.

Ways for senior citizens dealing with debt to get help

If you need a reputable credit counselor for free, you can go to a non-profit such as the National foundation for Credit Counseling (NFCC.org, 800-388-2227) or other places for help. They will help you get a councilor that will help you, no matter how old you are. If you are older and owe a lot of debts, you may want to find the most optimal way of paying back the debt. That could contain making a budget and debt management plan with your counselor to pay it off or just making regular, monthly payments to the collector. You can get out of it if you just try and have goals in mind that must be met.

Sources

Bankrate
Debt Counsel for Seniors and the Disabled
Smart Money
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buckthis
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PostPosted: Apr 01, 2013 4:21 am    Post subject: Reply with quote

CONGRATULATIONS YOU HAVE JUST BEEN SPAMMED!!!!
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finkle
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PostPosted: Apr 01, 2013 9:13 am    Post subject: Reply with quote

buckthis, what really pisses me off is that I was planning on changing my screen name to Arnoldf. That's taken now. Damn it!
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