Your retirement should be a time for peace and enjoying family. But for some seniors, the long-awaited joys of retirement have had to be put off, canceled or compromised because of debt problems. That leaves many in doubt over the debt options for seniors.
If you’ve had to rethink your finances, you’re not alone: According to a recent national AARP survey, over 50% of American adults feel insecure about their debts. That’s a major issue — but there are ways you can combat insecurity (and there are people who can help!)
Why Seniors’ Bills Can Pile Up
Beyond the rising cost of living, senior citizens encounter specific debt problems that impact their short- and long-term goals. These can include…
- Surprise Medical Bills
Even with Medicare, you can receive substantial bills for doctor visits or hospital stays that you did not expect. Things like your deductible or not-fully-covered services can make these bills excessive. Many individuals find themselves making difficult decisions about how to pay for these unexpected costs. - Rising Everyday Costs for Senior Services
Prices for necessities like food, gas, and electricity continue to increase — and if you plan to — or currently live in — a senior apartment or housing complex, you may feel these rising costs in different ways.
And if you have a fixed monthly income, such as Social Security or a pension, you might find yourself relying on credit cards to cover daily needs. - Helping Family
It’s becoming increasingly common for senior citizens to parent their grandchildren — it’s even more common to provide financial assistance to your family. But sometimes, helping them means taking on personal loans or accumulating credit card debt yourself. - Deceptive Loan Offers
Sadly, a growing number of scammers attempt to trick older adults with offers for quick loans that come with very high fees. These “predatory loans” can add a significant amount to your existing debt.
Overcoming Financial Challenges & Debt Options for Seniors
If you are feeling stressed about debt, there are some simple steps you can take right now to gain control:
Review Your Bills Closely: Take the time to ensure your bills are correct and for services you actually need. Especially when it comes to medical bills, ask for a detailed list of all charges and flag anything that appears incorrect.
Be Wary of Scammers: With so many different ways to communicate, scammers have never had more opportunities to prey on unsuspecting senior citizens. But there are resources and organizations that can help. Don’t want to fall for one? Learn the warning signs, and be skeptical of any offer that relies on you making an emotional choice with your money.
Consider Debt Consolidation: If credit card bills or personal loans are making a major dent in your wallet every month, debt consolidation can be an excellent solution. In our program, you’ll feel less stress and have more flexibility by consolidating your debts into one, affordable monthly payment.
When considering any sort of professional help, it’s essential to find a trusted partner.
For over a decade, Accredited Debt Relief has helped over 700,000 clients and paid off over $2 billion in debt. Our personalized support and accessible options are independently well-reviewed — we have an A+ rating with the Better Business Bureau and over 7,000 5-star reviews on Trustpilot.
Learn how we can help you simplify your payments and take control of your financial future.