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Older people may not be as financially secure as they think

| Apr 13, 2018 | Blog |

You may consider yourself financially comfortable at the current time. You may have enough to make ends meet, provide yourself and your family with a treat now and then, and have some money put away in savings. However, is feeling comfortable enough to keep possible debt issues at bay?

Unfortunately, in most cases, financial stability does not mean that a person has avoided the possibility of ever facing monetary struggles in the future. In fact, recent reports indicate that older individuals are becoming heavily laden with debt issues for various reasons.

Helping family

When a family member is in need financially, you may want to step in and help. Perhaps a younger loved one needs money for his or her education, or maybe a dear friend needs help paying a bill. Because you feel comfortable with your finances, you may provide a loan or gift to help that person. However, that action could place you in more financial difficulty than you imagined, especially if you did not really have the extra funds to provide that gift or loan.

This type of scenario happens with many older individuals. Due to having a fixed income, it can prove more difficult to rebuild savings and other funds when the availability is not really there.

Untracked spending

Another way that older individuals may end up with considerable debt is if they do not keep track of their spending. For instance, if you have a hobby that centers around financial risks, such as gambling, you may find yourself spending and losing more than you think. As a result, you may not realize you have landed in a serious financial situation until you find yourself unable to pay your bills.

Credit cards

Whatever leads to the financial trouble, it is not uncommon for individuals to turn to credit cards for help. Again, with a fixed income, you may struggle to pay the accumulation of debt that credit card use may cause. Often, financial troubles can lead older individuals to a point where they need to consider debt relief.

Bankruptcy

You may think that you are too old to file for bankruptcy or that your situation is not that bad, but if you find yourself under stress, struggling with debt collectors or other similar issues, you may want to find out more information on this debt relief option. An evaluation of your situation may help you determine whether it could suit your specific needs.