Debt has no age limit. People of all ages can find themselves in a challenging financial situation. Fortunately, debt consolidation is an option. No matter what your debt load is, learn what you can do as a senior to make it through the situation.
Focus on Yourself
Children are in your life forever. The problem is that, for some people, their children are also in their wallets forever. Make it a point to focus on yourself when it comes to your finances. If you struggle to meet your financial obligations, you likely are struggling even further to meet the financial obligations of your children. While it's okay to help when you can and when there is an emergency, you should not overextend yourself to help your child. Take this time to focus on yourself to get your finances in order.
Downsize Where You Can
Try to downsize where you can. For example, if you and your spouse still live in your family home and all your children have moved out, there is likely little need to hold on to the house, especially if you struggle to meet the mortgage payments. Speak with your partner to see if they might be on board with the idea of putting the home on the market for sale. Once the property sells, you can move into something smaller with a smaller mortgage payment as well.
A leading source of debt for many people is credit card debt, including for seniors. If you have credit card debt, now is the time to scale back on your credit card usage. Credit card debt is especially deceiving because the amount you charge can easily double or triple once you factor in the interest rate for the card. You can do yourself a big favor by only purchasing those items that you can pay cash for. Focus on paying down your debt before you make any new charges.
Research Credit Counseling
Make sure you do some research about your credit counseling options. Credit counseling is an incredibly useful service because it offers a way to either eliminate your debt altogether or, at the very least, reduce the amount of money that you owe. Even a small reduction in your debt load can offer you a great deal of relief when you are facing a financial challenge. Speak with a credit counseling service or an attorney to learn what your debt relief options are.
If you struggle with debt as a senior, remember that there is a way out. Partner with a professional, like James Alan Poe, P.A., who can help you plan your path forward.Share