Can Seniors Stop Paying Credit Cards And Debts?
May 12, 2023
Category: Assisted Living
A study by The Senior Citizens League found that seniors owe money on their credit cards in 43% of older
homes. So can they stop paying bills? Find out how to protect your elderly parents from debt, no matter if
they live alone or in an assisted living facility, and how to help them manage their credit card debt.
Why Old Debts Shouldn’t Worry Seniors?
As a senior, you shouldn’t worry about credit card debt. Most older people get their income from Social
Security, retirement benefits, or other funds that cannot be taken away. Debt collectors cannot seize these
funds. Just because it’s judgment free doesn’t mean debt collectors will automatically forgive your debts.
Often, family members would take advantage of elderly people by using their credit cards to pay off their
family member’s debt. It is important for older people to discuss their debts with their families before
getting a cosigner or making other similar plans. After all, the senior will have to pay the bill.
Here are some ways for older people to pay down their credit card bills:
Balance Transfer Credit Card: With this card, you can consolidate all of your debt into one account and
make one monthly payment.
Payment Of Debt: Outside assistance is often helpful. A debt broker can talk to creditors about a payment
amount that everyone agrees on. The senior might then pay the bill.
Loan Terms: You don’t have to have good credit to get a cash loan. It’s imperative to note that the short 14-
day payment term and high interest rates of these loans could lead to debt traps. Before paying off cash
advance loans, it’s a wise idea to sign up for a program that combines payday loans.
Reverse Mortgage: Reverse mortgages allow homeowners to use their home’s value without paying back
the lender every month. When the borrower sells the house or moves away, this is paid back. Borrowers
must be at least 62 years old and have a lot of equity in their homes. They must also be able to afford their
Bankruptcy: You can get rid of credit card, medical, energy, and other types of debt by filing for
bankruptcy. It’s an easy way to pay off all your bills. Chapter 7 bankruptcy allows you to sell your assets to
pay off your debts, except for child support and alimony. Chapter 13 bankruptcy lets you set up a
repayment plan while filing for Chapter 7 bankruptcy. Most lasts between three and five years.
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