Debt Relief for Seniors

Your golden years should be a time for relaxation and rest from a lifetime of work. But if you retire with too

much debt, it can be stressful.

A growing number of seniors are dealing with debt. Over the past twenty years, their

rate of insolvencies has increased 174%.

3 Possible Reasons:

#1 - Seniors are retiring with more debt. Their average debt

load in 2012 was $61,700

#2 – Incomes decrease dramatically after retirement. A

senior’s average take-home income is $32,000, making it

difficult to keep up with debt and living expenses.

#3 – Credit card debts are increasing. 21% of seniors carry an average of $5,200 in credit

card debt.

You can talk to a professional. A

bankruptcy trustee can help you develop a plan to help you budget your funds and pay off your debt, or suggest other

options.

Help is Available:

You can also consider downsizing. If you have a mortgage, but considerable equity, consider selling your home and using the equity to buy a smaller home. If you have two cars, sell one and use the money to pay off your debts.

You can refinance a mortgage or car loan to a

lower, more affordable rate. This will free up cash and save money on interest.

If debt is robbing you during your golden years, contact LCTaylor today. Our team of licensed financial

professionals will help you find a solution that is right for you.

In Manitoba or Ontario visit LCTaylor.com.

Trustees are available to answer your questions at ourWinnipeg and Kenora locations.

Call us now to schedule your free consultation.