{"id":1279,"date":"2021-07-20T09:37:14","date_gmt":"2021-07-20T14:37:14","guid":{"rendered":"https:\/\/www.creditaid.ca\/blog\/?p=1279"},"modified":"2025-06-17T11:55:32","modified_gmt":"2025-06-17T16:55:32","slug":"senior-debt-forgiveness-what-you-must-know","status":"publish","type":"post","link":"https:\/\/www.creditaid.ca\/blog\/2021\/07\/20\/senior-debt-forgiveness-what-you-must-know\/","title":{"rendered":"Senior Debt Forgiveness \u2013 What you Must Know"},"content":{"rendered":"\n

If you\u2019re a senior with debt<\/strong>, you may feel like you\u2019re 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.<\/p>\n\n\n\n

Here are the simple steps to take.<\/p>\n\n\n\n

Figure out Where you Stand<\/strong><\/h2>\n\n\n\n

First, get an honest look at your situation. Don\u2019t sugarcoat it, that won\u2019t get you anywhere. Pull out all bank statements and credit card statements. Categorize your spending and total up your debt.<\/p>\n\n\n\n\n\n\n\n

This is a time to get honest with yourself. Where are you overspending that if you cut back, you\u2019d have more money to get yourself out of debt<\/a><\/strong>? Think of areas that wouldn\u2019t feel like you\u2019re sacrificing too much, but would free up some cash.<\/p>\n\n\n\n

Look at your Income<\/strong><\/h2>\n\n\n\n

Now that you know how much you spend, look at your income. Include all sources here, since you\u2019re likely retired. This could include:<\/p>\n\n\n\n