Debt Help for Seniors: How Seniors Can Get out of Debt
How to Get Debt Help for Seniors
According to a Statistics Canada report, 34% of retired Canadians over the age of 55 are still trapped in debt.
17% of those seniors have debts of over $100,000.
A report from Equifax in 2017 found that seniors are increasing their debts more than any other demographic in Canada.
This means that many retirement-age Canadians are carrying increased debts that will lead them to make difficult decisions while living on a fixed income.
Many will be faced with reducing their quality of life, or taking on more debt to maintain their lifestyle.
This debt epidemic doesn’t just impact the seniors grappling with the debt problem; it also impacts their adult children, or those that are caring for them.
Seniors in Canada can find themselves in debt for many different reasons, including living and care costs, maintaining a pre-retirement lifestyle, the low cost of borrowing in Canada, and lending money to children for school or a home purchase.
We are government Licensed Insolvency Trustees we are proud to help Canadians who have worked hard their entire life and now find themselves in a financial struggle.
If you are dealing with debt problems in your golden years, we can help you find a way to get out of debt.
Solutions to debt problems for seniors include bankruptcy, a consumer proposal, or a debt consolidation loan.
By meeting with a government licensed trustee from Bankruptcy Canada you can learn your options to enjoy your retirement, debt-free.