Seniors can face many financial pressures in their retirement years. This includes strains from:
- Medical costs
- Rising levels of everyday living expenses for retirees
- Providing financial support to their adult children
Some seniors turn to credit cards to help with such costs. It appears that this has become increasingly common here in the United States. Research points to credit card debt having gone up among elderly Americans in recent years.
Now, credit card debt carries some risks for seniors. If a balance gets high, covering it and the interest it generates can be difficult on a fixed income. Overwhelming debt can expose seniors to significant financial hardships, and could even end up greatly cutting into what they would like to leave to their family when they are gone.
So, when people encounter credit card debt troubles in their retirement years, responding promptly to the situation is critical.
There are various ways seniors may be able to stabilize their finances in the face of overwhelming credit card debt. In some instances, cutting unnecessary expenses and prioritizing payments can return things to a manageable state. Other times, negotiations with lenders may be able to secure improved terms to make paying the debt back easier. And in some situations, bankruptcy may be needed to properly resolve the debt. Among the things Chapter 7 bankruptcy can help with is eliminating credit card debt.
Skilled bankruptcy attorneys can help seniors struggling with high credit card bills find debt relief solutions right for their circumstances and goals.