Seniors Retiring with Credit Card Debt

By: Timothy McFarlin | Published: June 10th, 2011 | Category: Bankruptcy, Budget & Debts

The economic recession has affected the financial plans of many retirees and has caused many seniors to delay retirement all together. Senior citizens like many other Americans, have relied on their credit cards to pick up the financial slack of a sluggish economy. For seniors however, the amount of credit card debt has been compounded by healthcare and medical expenses.  According to a recent CESI Debt Solutions Survey, 56 percent of retired people had debt when they left their jobs, and of those who had debts, 96 percent chose to retire regardless of their debt.

 

Tips to Get Rid of Your Credit Card Debt

Keep on Working

Many people set a goal to retire by the age of 65, but by continuing to work for a few more years, you will bring in more income that you can use to pay down your debt. It will also allow you to save up some money so you won’t have to rely on credit cards in the future.

Stop Using Credit Cards Now

According to the experts, planning ten years ahead will greatly benefit your financial future after retirement. The idea is to slowly stop using your credit cards in that ten-year span of time so you don’t accrue new debts.

Get Another Job?

Getting a part time job is becoming increasingly common in this economic climate for retired seniors looking to supplement their income. Some people even start a second career.

Consolidate Your Credit Card Debt

If planning ahead and adjusting your retirement plans isn’t enough to manage the amount of credit card debt you have, then it might be time to look into consolidating your debt.

Filing for Bankruptcy

If you are a senior struggling with credit card debt seeking the advice of a debt specialist at a credit-counseling agency to discuss your options might be a good move. Many seniors have accumulated such a large amount of credit card debt from medical expense that filing for bankruptcy may be the only way to alleviate the financial strain of their debts.

We Can Help

At McFarlin LLP, we treat all for our clients with respect and dignity. If you are a senior and you would like to find out if filing for bankruptcy is the best option for you give us a call 1-888-728-0044, or email us. We offer free bankruptcy consultations to prospective clients.

 

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