Senior debt up by 26 percent over three years
Senior citizens are taking on debt levels that are just eye-popping.Those 65 and older increased their debt by 26 percent between 2005 and 2008. Meanwhile, there's been virtually no increase in the debt level of people aged 35-64 over the same period.
So what's going on here? Seniors are most likely trying to maintain lifestyle on a fixed income as the earnings on savings have deteriorated.
These stats are for the middle class only -- they're not for seniors rolling in dough who simply have a little less of it now. The reality is that people who were getting by before now aren't.
These aren't seniors making frivolous choices with their money; they're paying for meds, putting food on the table and dealing with the daily expenses of life.
That's where you can help. Be nosy with your parents or elderly relatives. Too often pride gets in the way and they won't ask for help.
Realize there's no insta-answer here either. Those seniors who are able to may have to go back to work part-time. Others are not well enough to work or may not be able to find employment.
Again, that's where you come in. Some kids have amnesia about what their parents did for them through the years. If that's you, try to get beyond it and see if you can be of help now.
Finally, the credit cards pushing through rate increases before the new consumer protections fully go into effect are only complicating matters for seniors.
Full Sail Mortgage offers debt reduction programs that can assist. Call us for details. 864-450-5102.
