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.<\/p>\n\n\n\n
If you\u2019ve had to rethink your finances, you\u2019re not alone: According to a recent national AARP survey<\/a>, over 50% of American adults aged 50 or older feel insecure about their debts. That\u2019s a major issue \u2014 but there are ways you can combat insecurity (and there are people who can help!)<\/p>\n\n\n\n Beyond the rising cost of living, senior citizens encounter specific debt problems that impact their short- and long-term goals. These can include\u2026<\/p>\n\n\n\n If you are feeling stressed about debt<\/a>, there are some simple steps you can take right now to gain control:<\/p>\n\n\nWhy Seniors\u2019 Bills Can Pile Up<\/strong><\/h2>\n\n\n\n
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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.<\/li>\n\n\n\n
Prices for necessities like food, gas, and electricity continue to increase \u2014 and if you plan to \u2014 or currently live in \u2014 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<\/a> or a pension, you might find yourself relying on credit cards to cover daily needs.<\/li>\n\n\n\n
It\u2019s becoming increasingly common for senior citizens to parent their grandchildren<\/a> \u2014 it\u2019s 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.<\/li>\n\n\n\n
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.<\/li>\n<\/ul>\n\n\n\nOvercoming Financial Challenges & Debt Options for Seniors<\/strong><\/h2>\n\n\n\n