Debt Relief for Seniors
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Transcript of Debt Relief for Seniors
![Page 1: Debt Relief for Seniors](https://reader035.fdocuments.net/reader035/viewer/2022062708/558c2692d8b42a41158b45a2/html5/thumbnails/1.jpg)
Debt Relief for Seniors
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Your golden years should be a time for relaxation and rest from a lifetime of work. But if you retire with too
much debt, it can be stressful.
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A growing number of seniors are dealing with debt. Over the past twenty years, their
rate of insolvencies has increased 174%.
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3 Possible Reasons:
#1 - Seniors are retiring with more debt. Their average debt
load in 2012 was $61,700
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#2 – Incomes decrease dramatically after retirement. A
senior’s average take-home income is $32,000, making it
difficult to keep up with debt and living expenses.
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#3 – Credit card debts are increasing. 21% of seniors carry an average of $5,200 in credit
card debt.
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You can talk to a professional. A
bankruptcy trustee can help you develop a plan to help you budget your funds and pay off your debt, or suggest other
options.
Help is Available:
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You can also consider downsizing. If you have a mortgage, but considerable equity, consider selling your home and using the equity to buy a smaller home. If you have two cars, sell one and use the money to pay off your debts.
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You can refinance a mortgage or car loan to a
lower, more affordable rate. This will free up cash and save money on interest.
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If debt is robbing you during your golden years, contact LCTaylor today. Our team of licensed financial
professionals will help you find a solution that is right for you.
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In Manitoba or Ontario visit LCTaylor.com.
Trustees are available to answer your questions at ourWinnipeg and Kenora locations.
Call us now to schedule your free consultation.