Senior Debt Forgiveness – What you Must Know

If you’re a senior with debt, you may feel like you’re up a headed up a creek without a paddle. Living on a fixed income makes it hard to take care of anything except your daily costs of living, but fortunately, there are ways to work out your debt so you have peace of mind and can enjoy your golden years.

Here are the simple steps to take.

Figure out Where you Stand

First, get an honest look at your situation. Don’t sugarcoat it, that won’t get you anywhere. Pull out all bank statements and credit card statements. Categorize your spending and total up your debt.

This is a time to get honest with yourself. Where are you overspending that if you cut back, you’d have more money to get yourself out of debt? Think of areas that wouldn’t feel like you’re sacrificing too much, but would free up some cash.

Look at your Income

Now that you know how much you spend, look at your income. Include all sources here, since you’re likely retired. This could include:

  • Pension
  • Retirement income
  • Government-supplied income
  • Disability income
  • Income from a working spouse

Total up your income and compare it to your spending. In the next step you’ll make a budget – a budget that works with your ‘must have’ expenses while sparing some money to pay off your debts.

Figure out ‘Your Number’

This is important – you need to know how much money you have ‘left over’ each month. This is the money you have to work with when paying off your debt. While there are ways to work around it, it all comes down to this number.

Once you know what you can afford, work with a licensed credit repair counsellor at Creditaid who can help you figure out how to maximize the money you have and pay off your debts.

Have Help

Don’t try to figure out your debt solution plan yourself. It’s overwhelming and frustrating especially when you have a fixed income. Don’t let collection agencies or creditors overwhelm or threaten you, instead, work with a credit counselling company so you know your rights and have the help you need.

A credit counsellor can negotiate on your behalf, counsel you, and help you understand your choices. You can also learn how to manage your money moving forward so you don’t end up in a similar situation no matter what life throws at you.

Life is unpredictable as we all know – it can change in the blink of an eye but that doesn’t mean you have to suffer financially because of events that occurred outside of your control. Work with a Creditaid credit counsellor who can handle your situation with ease, giving you peace of mind and letting you enjoy your golden years!