debt relief for seniors
TRANSCRIPT
Debt Relief for Seniors
Your golden years should be a time for relaxation and rest from a lifetime of work. But if you retire with too
much debt, it can be stressful.
A growing number of seniors are dealing with debt. Over the past twenty years, their
rate of insolvencies has increased 174%.
3 Possible Reasons:
#1 - Seniors are retiring with more debt. Their average debt
load in 2012 was $61,700
#2 – Incomes decrease dramatically after retirement. A
senior’s average take-home income is $32,000, making it
difficult to keep up with debt and living expenses.
#3 – Credit card debts are increasing. 21% of seniors carry an average of $5,200 in credit
card debt.
You can talk to a professional. A
bankruptcy trustee can help you develop a plan to help you budget your funds and pay off your debt, or suggest other
options.
Help is Available:
You can also consider downsizing. If you have a mortgage, but considerable equity, consider selling your home and using the equity to buy a smaller home. If you have two cars, sell one and use the money to pay off your debts.
You can refinance a mortgage or car loan to a
lower, more affordable rate. This will free up cash and save money on interest.
If debt is robbing you during your golden years, contact LCTaylor today. Our team of licensed financial
professionals will help you find a solution that is right for you.
In Manitoba or Ontario visit LCTaylor.com.
Trustees are available to answer your questions at ourWinnipeg and Kenora locations.
Call us now to schedule your free consultation.