Seniors With High Debt
Sadly today there are many seniors with high debt that are struggling to pay basic living costs on a fixed income and are dependent upon credit to pay for day to day expenses. Unfortunately, seniors are the demographic of the population where financial problems are quickly increasing, many are retiring already in debt and incurring more debt. Seniors over 75 have more credit card debt than any other age group. If this sounds like you or perhaps a parent, you’re already aware of how difficult this can be for families. A trustee can really help seniors with debt.
Seniors over 60 filed 18,700 bankruptcies in 2012 a 3,800% increase since 1987 and it increases every year. Insolvencies across the board are up 420% in 25 years. 118,400 in 2012 but down from 135,000 in 2011. While all age groups have borrowed more since 2007, the 65+ age group has accumulated debt at three times the average pace.
2/3’s of today’s workforce do not have occupational pensions and are depending on fixed government pensions and their own savings. Savings, that have often been depleted because of the economic downturn and poor investment advice received.
How An Insolvency Trustee Can Help
As a Licensed Insolvency trustee (formerly known as Bankruptcy Trustee) who has helped over 7,000 Albertan families we can provide solutions for seniors with high debt. Loan consolidation companies make their money through fees and interest and that model is not a helpful for someone on a fixed income.
With legal authority and legislation we have many options available to protect you whether it is a settlement for less than is owed, writing off debt or protecting income from a life insurance policy. Everyone’s situation is different and we want to make sure that you know your options from the beginning. As we guide you through the process you aren’t going to be rushed to make decisions you’re not comfortable with and we’ll always give you clear explanations.
For anyone with mobility issues, we’re happy to make house calls. Contact us today to make an appointment or call us to speak with someone who is happy to help.