Debt Relief for Seniors
Statistically speaking, seniors are more financially secure than their younger counterparts. They have a lifetime of earnings behind them and are more likely to have owned properties, investments, and savings accounts.
But that doesn’t mean they are immune to debt. They still suffer, and research suggests that a
growing number of seniors are finding themselves with more debt than they can manage.
In this guide, we’ll look at some of the ways you can get help with debt relief as a senior.
1. Get Help from the Experts
Senior Coverage was created to make life easier for seniors. It is a referral service that specializes in finding low-cost Medicare plans, assisting with debt relief, and more. Its trusted providers advise seniors on a daily basis and if you’re suffering from the same issues, help could be just a phone call away.
All customers are invited to a free 10-minute consultation and are under no obligation to buy. It is a service that has already helped thousands of seniors and one that is proving to be invaluable during the current financial crisis.
2. Get Credit Counseling
The older we get, the less inclined we are to take advice from others. It’s a stubbornness that is inherent in all of us, and it’s perfectly understandable. The problem is, it often holds us back and prevents us from getting help when we need it.
Debt relief isn’t about quick fixes. It’s a long journey, and the first step is to understand what went wrong and to change your habits. That’s where credit counseling comes in.
Senior Coverage can refer you to an expert credit counselor who may assume control of your debts and assign you to a debt management plan. Your total payments may be reduced, and your debts may become more manageable, allowing you to plot an escape in just 3 to 5 years.
3. Use Your Assets
Senior Coverage regularly receives calls about reverse mortgages, with many seniors looking to use these loans to consolidate their debts.
A reverse mortgage allows you to cash in some of the equity in your home, and you don’t need to
worry about paying it back until the house is sold. To qualify, you need to be at least 62 years old and own most of your house.
Contact Senior Coverage to find the best service for your needs. Alternatively, you can consider home equity loans and home equity lines of credit, which also use the equity in your home.
Many seniors are embarrassed by the idea of bankruptcy, seeing it as a sign of failure. But if you have more debts than you can manage and don’t have the assets to cover them, it could be your only option.
Bankruptcy isn’t a cop-out. You can’t just file on a whim and then have all of your debts cleared by the courts. It needs to be a last resort, and if the courts believe that you haven’t exhausted all other possibilities, they may reject your filing. It also costs money and there are some debts it won’t clear.
As you can see, there are pros and cons. It’s not for everyone, but when the time comes, it could be the only thing that saves you.
Fix Your Debt Issues Today
In many ways, debt is like an addiction. It’s something that you can’t escape, something that
permeates your every waking hour, and something you’re ashamed of.
Like a successful family man secretly addicted to narcotic painkillers, the problem is hidden behind closed doors, and only the addict knows the extent of the issue, or even that an issue exists in the first place.
They bury their heads in the sand, tell themselves that it’s not bad, it may get better, and they don’t need to bother their friends and family with their troubles. But eventually, the problem escalates, those loved ones get drawn in anyway, and by that time, the problem is so severe that everyone feels its effects.
The issue needs to be tackled as soon as possible. That way, it doesn’t become a drain on your life, it doesn’t impact your mental health and your relationships, and it doesn’t spiral into something that you can’t control.
It might sound like we’re exaggerating the issue, but it’s worth noting that debt issues are thought to be responsible for increased rates of suicide, as well as depression, anxiety, and stress. The more debt you have, the more stressed you feel.
It’s not something to be taken lightly. So, stop burying your head in the sand and start addressing those issues. If you need help with debt management, reverse mortgages, and anything else, contact Senior Coverage today.
Questions? Call 1 (888) 479-1762