In recent years, credit card debt accumulated by Americans aged 65 to 69 has grown dramatically. These seniors are not using their credit cards to go on wild spending sprees, but rather, are using them to pay for doctor's visits, prescription drugs and house hold emergencies that their depleted savings accounts won't cover. In addition, seniors are taking cash advances to pay off debts they really can't afford to pay.
If you or someone you know is a senior citizen and living on a fixed or limited income, do not allow a debtor to intimidate you into paying unsecured debt, such as credit card debt. Instead of living like an indentured servant to the credit card companies, negotiate with them for reduced settlements. A senior citizen living on a fixed income, particularly social security and private retirement accounts, are typically judgment proof, with few assets an unsecured creditor can take.
Credit card companies are highly motivated to negotiate with seniors for alternate payment plans, reduced interest rates, or negotiated settlements since social security income and such is usually prohibited from garnishment by various state laws.
Our debt kit includes techniques and sample letters seniors can use to convince a credit card company that it is in its best interest to accept the debtor's plan for getting out of debt.
Related articles:
Senior Citizens and Credit Card Debt
Debt > Senior Citizens and Credit Card Debt
<< >>
Handling Debt
Collectors
