Title: Credit Card Debt & Age: What Happens When Seniors Can't Pay?
Headings: Credit Card Debt and Age: What Happens When Seniors Can No Longer Pay Their Debts?
Credit Card Debt and Age: What Happens When Seniors Can No Longer Pay Their Debts?
Many seniors must use credit cards to make ends meet
Is credit card debt inherited?
What options do seniors have to help them manage their debt?
Getting help from family members
Refinancing an existing home mortgage
Take out a home equity line of credit
Apply for a reverse mortgage
The sale of assets
Utilizing a debt relief company
Do you qualify for debt consolidation?
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Content: If they have owned their home for a long time, they may have a short period left before paying it off. If this is the case, refinancing and extending the term of the loan could be a bad idea. Depending on their remaining lifespan, refinancing to a 30-year mortgage, for example, would likely mean never being free from the mortgage burden. In addition, it could mean they will pay much more interest over the life of their mortgage loan. Rolling their debt into a refinanced mortgage may help solve the problem now, but, if income does not increase and household expenses do not decrease, then chances are they will find themselves relying on credit cards once again. In addition, moving debt from an unsecured position to a secured position late in life is probably not in the best interest of the estate. Seniors should engage in frank conversations with their loved ones about their estate and any legal and financial decisions they make late in life. This can help seniors avoid making mistakes that could have long-term financial impacts. Take out a home equity line of credit
If a senior has owned his or her home for a long time, or owes less than it is worth, another option is to take out a loan against the home’s equity. These home equity lines of credit (HELOC) allow a borrower to tap into the equity in the home on an as needed basis.