Helping Seniors Getting Out of Debt
Dealing with debt can be tricky at any age but it can be particularly troublesome to be faced with money worries as a senior.
At a time when you should be enjoying a stress-free retirement, mounting debt can have a substantial impact on your quality of life.
If you’re a senior dealing with debt, you’re not alone.
There are numerous reasons an increasing number of seniors are getting into debt, including helping out adult children and paying unexpected medical costs.
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Fortunately, there are effective ways to manage your debts, regardless of what’s caused your financial problems.
To alleviate the burden of financial worries and start living out your retirement with the peace of mind you deserve, take a look at these top tips for getting out of debt as a senior:
1. Assess your finances
When you’re in debt, it’s easy to bury your head in the sand to avoid dealing with your finances.
However, this approach tends to make things worse in the long run.
Being proactive and getting a handle on your finances will mean you’re in the best position to resolve your debt problems once and for all.
If you don’t feel you can tackle this alone, there is plenty of help available from debt counsellors and licensed trustees.
2. Be honest about your situation
Accepting you have money troubles can be difficult but telling other people you have unmanageable debts can be even harder.
However, it’s important to be honest with the people that are close to you.
If you’re been helping out adult children and supplementing their income, for example, you’ll need to explain to them you’re no longer in a position to assist them in this way.
Many people feel ashamed about accruing debt but there’s no need to feel embarrassed about your financial circumstances.
The vast majority of people are in debt of some kind or another and an increase in debt isn’t indicative of failure.
Being honest with your loved ones can be the biggest hurdle in managing your debt but it can have wonderful benefits too.
If you’ve been struggling to deal with your debts alone, having the support of your family will give you confidence and reassurance that you can overcome your financial worries.
3. Create a budget
Everyone needs a budget to stay out of debt, so it’s time to start creating a new one for your post-retirement life.
Only once you’ve recorded every income and expenditure can you get a true picture of where your money is going.
More importantly, you’ll have an accurate indicator of how much your debts are accruing by each month and whether your current lifestyle is sustainable.
With plenty of budget templates available online, you can enter your data by hand or use an app or software to record entries digitally.
Whatever option you choose, be sure to note down every transaction you make.
4. Consider a variety of options
Some debt resolution options are harder to come by if you’re a senior.
You may not have the option to consolidate your loans and remortgage your property because of your advancing age, for example.
However, knowing how seniors can get out of debt is the key to unlocking financial freedom.
With consumer proposals and bankruptcy still an option, you could eradicate your debt and enjoy unparalleled peace of mind in your later years.
5. Get bespoke advice
Discussing your personal financial circumstances with a trusted advisor will help you to access the information you made.
When an experienced debt counsellor or licensed trustee can help you to address your debts, you’ll have a clearer idea of exactly what debt solutions are available to you and what the implications of each one is.
With advice tailored to you and your unique circumstances, get the independent, objective and professional assistance you need to resolve your debt issues once and for all.
Contact Bankruptcy Canada Today
If you want to talk to someone in confidence, why not get in touch with a member of our dedicated team today?
We’ve helped over 100,000 Canadians address their financial issues and we can help you too.
Whether you’re ready to make a consumer proposal, file for bankruptcy or you simply want to learn more about your options, we’ll be happy to help you.
What’s more, we’re available 24 hours a day, 7 days a week, so you can access bespoke advice and information at a time that’s convenient for you.
Call Bankruptcy Canada now on (877) 877-4770 and put your debt problems behind you.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?