Senior Debt Is A Growing Problem

Senior Debt Is a Growing Problem

As an elderly American suffering from debt, you are not alone. Nearly half of seniors are struggling with bills they may or may not be able to pay. The Financial Times reports that one in seven people that are filing for bankruptcy are now over 65 years of age, “an almost fivefold increase over just 25 years.”

This debt can take many forms, such as credit card debt, loans or mortgages. Sometimes debt taken out for the benefit of other family members can become overwhelming after retirement. There are many reasons why today’s seniors are facing such an unprecedented challenge.

Banks and credit cards have also played a large role in this problem by offering seniors large lines of credit that they don’t have the means to pay back.

What seniors can do about their debt

You’re looking for a way out of debt, just like many other Americans who are over 65 or facing retirement soon. Luckily, there are a few things you can do to stop debt from growing or get rid of it entirely.

  • Track your spending: Record what kind of purchases you’re making and identify any areas that may be unessential to decrease or stop spending money in.
  • Create a pay-back plan: It can be beneficial to organize your debts and prioritize the ones that need to be paid off first. Look for credit cards or loans with high interest rates and prioritize working down those balances.
  • File for bankruptcy: If there is no way you can pay back your outstanding debts, it may be time to consider bankruptcy. It could give you the fresh start to live without the fear of debt.

Keep in mind that Social Security payments cannot be garnished for many types of debt, including credit card and medical debt. It may be frustrating to deal with repeated notices and calls for repayment, but there is not much creditors can do. If being contacted still bothers you, it may be time to consider filing for bankruptcy.

While senior debt continues to be a problem for the country, it’s important to remember there are ways to deal with it. Don’t let debt control your life or your family’s.

Categories

Family-Focused Advocates

Meet Your Attorneys
/

Why Clients Choose Us

  • Family-Run Firm
  • Free Consultations
  • 20+ Years of Legal Experience
  • No Pressure to Sign at Initial Intake

Awards & Memberships

Client Testimonials

Hear stories from the clients we have worked with in the past that we still consider family.
  • “I am extremely pleased with the service they provided: from giving me advice on how to prepare, to working with creditors, and finally to handling the legal aspects of the bankruptcy itself. They took ...”

    - Mike
  • “Deciding to file bankruptcy and going through the process of foreclosure on our home was not something my husband and I ever thought we would have to do. On our initial visit with John, he explained ...”

    - Anonymous Client
  • “This extra special note sent to you today holds more appreciation than any words can say. Over 30 years ago, I found myself in a career helping others in need. I never expected to be in need myself ...”

    - Mrs. J.
  • “Just a note to say thank you for the legal advice you gave me last week. Before I came to see you, I was scared to face my problems, but today I opened a checking account and will go to the Social ...”

    - Mrs. K.
  • “Roseanne is the best. My husband and I went with a cheap bankruptcy attorney to save money. BIG mistake. We ended up with an adversary hearing that our bankruptcy attorney couldn’t handle. So after ...”

    - Anonymous Client
/

Take That First Step With Us

Schedule a Free Consultation
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.