Debt Settlement During Retirement
Debt settlement is often a good idea for many Georgia residents. Those who are struggling with significant amounts of debt that they cannot pay off can work out an agreement with a creditor. Through a debt settlement agreement, they can pay a portion of what they owe in order to have the remaining debt forgiven. Debt settlement is also a helpful alternative to bankruptcy for many Georgia residents. It does affect your credit, but not nearly as significantly as bankruptcy does.
While many younger and middle-age adults enter into debt settlement agreements with creditors, it is important for older adults to know that debt settlement also may be able to help you even during your retirement years. Although you are on a fixed income, dealing with debt can remain a stressful burden. What should you know about debt settlement during retirement? Our Georgia debt settlement lawyers can tell you more.
Older Adults Deal with Substantial Debt
Just because a person has reached retirement age does not mean that they are debt free. Indeed, many older adults struggle with debt just like younger adults do. Data from the National Council on Aging (NCOA) reports that “older adults increasingly are retiring with debt and are carrying greater amounts of debt than ever before.” In large part, rising senior debt is due to medical debt. At the same time, a high percentage of older adults with debt also carry substantial credit card debt.
Nearly 10 percent of all retired seniors have medical debt that they are attempting to pay off. About 20 percent of older adults with incomes of less than $25,000 per year are dealing with substantial medical debt. For those in the latter category, about 20 percent say they do not have enough money to pay monthly medical debt payments and to meet monthly expenses.
The number of older adults with credit card debt is even higher. According to the NCOA, about half of households aged 65 and up carry credit card debt.
Debt Settlement for Seniors with Medical and Credit Card Debt
If you are aged 65 or older and struggling with debt, you should speak with a lawyer about debt settlement as an option. By entering into a debt settlement agreement, you can repay just a percentage of what you owe and the creditor will agree to forgive your remaining debt.
Debt settlement agreements are especially common for debtors of all ages with credit card debt. In addition, your debt settlement lawyer may be able to negotiate a final payment for your medical debt down to a small percentage of the total you currently owe. You can find out more by contacting a debt settlement lawyer in Georgia and providing details about your financial circumstances.
Contact Our Lilburn Debt Settlement Lawyers
Do you have questions about debt settlement during retirement? If you are nearing retirement or have already retired and are struggling with debt, it is important to seek advice from a lawyer who can assist you. Do not hesitate to get in touch with one of the experienced Lilburn debt settlement attorneys at Konn Law Firm LLC. We can speak with you today about debt settlement for older adults and the key issues for you to consider. Contact us today for more information about the services we provide to clients in Georgia.
Source:
ncoa.org/article/get-the-facts-on-senior-debt/
