By the time someone becomes a senior it would be great if they had no debt. They could spend their golden years having fun, enjoying life, and not worrying about paying such bills. However, that is not the case for millions of seniors around the country, as they have debt. Plus, many of them lack the funds to get the debt paid. The good news is that there are programs that will provide help so that seniors can address their debt.
Many seniors wonder how to get help with debt. The average amount of debt that seniors have is over $11,000, but that doesn’t include if they owe on a mortgage. Millions of seniors still owe on a mortgage, which keeps them financially struggling as they age. This is because they have other bills that also need to be paid, and they have a limited income. Most seniors live on a fixed income, so while their bills go up each month, their income doesn’t keep pace. Eventually, they fall behind and struggle to keep afloat.
Getting help with the debt as a senior is an important step to ensuring that you don’t continue to fall behind. The debt assistance can provide you with solutions that will help you get out of the issue of being deep in debt and falling further behind. If you are already deep in debt it is not too late to do something about it, but if you are just starting to feel that you are falling behind it is a great time to start addressing the issue.
How to Get Help with Debt
There are a couple of ways you can go about getting help for dealing with the debt you have as a senior. You can try to get someone to help you pay the debt and you can help with managing the debit, so that you can still pay for it, but in a way that is going to be easier for you to do.
To get help paying for debt, you will need to reach out to programs that will provide financial help. If the debt you have isn’t from something that is a basic need you may have difficulty finding someone to pay it for you. That doesn’t mean you won’t find financial help for it, but it may be more difficult, because program funds often to go ensure basic needs are being met.
One way to get help paying for debt that isn’t from basic needs includes getting help from organizations and then using the funds you would have spent on those items to pay for debt. For example, if you can get help from a program to help pay for your heating bill and provide you with groceries for the month, then you can use the money you would have spent on those things to pay for your outstanding debt.
If you take that route you will not want to inform the organization that is what you are doing, because they may not want to support that route. But if you simply express that you need help with getting free food, clothing, and bill payment services, then you will be able to free up funds to be used on getting out of debt.
Assistance Streamlining the Debt
Some seniors are not necessarily looking for financial assistance to pay their debt bills, but they are looking for a way to make it more manageable. By making some changes to streamline the debt bills many people find it easier to get things paid each month. There are a few options to help you do this, so be sure to explore the options and consider which one will work best for your situation and needs.
Bankruptcy is one of the ways that many seniors deal with their debt. There are different types of bankruptcy, so it is important to consider which one is a good fit for your situation. Those who file for chapter 7 bankruptcy can expect some of their assets to be liquidated so that the debt is eliminated. For example, if you owe a second home or a car collection and file for this type of bankruptcy you will likely have to sell those items off to pay for the debt.
Chapter 11 bankruptcy is the other popular type that people turn to. This type of bankruptcy will allow people more time to pay their debt off. They will not have the debt wiped out, but the will be able to legally get more time to get their creditors paid. Rather than needing to meet payment demands each month, you will be able to have smaller payments that are made over a longer period of time.
Credit Counseling Options
Another option that seniors have for getting help with debt is to turn to credit counseling. This type of service will allow seniors to make a plan for the debt that they have. The company that provides the service will work with you to evaluate your current debt, get things removed from your credit report that should not be there, and come up with a plan to get it all paid.
Credit counseling provides people with a way to have a goal and plan to address their debt. There are numerous companies and organizations that provide the service. Be sure to work with one that is not going to charge you a lot of money for the service, or that will be adding to your debt, rather than helping you to remove or manage it.
Debt is something that weighs people down. Once you become a senior it is important to get serious about addressing the debt so that it no longer causes stress in your life. Whether you get help with the debt by finding someone to help pay it, you decide to declare bankruptcy, or you get credit counseling services, it is good to be proactive in addressing it. The sooner you do, the better you will feel about no longer having to deal with the debt.
