Seniors Should Address Credit Card Debt Immediately, Avoid Collections Lawsuits
As household debt continues to grow today, areas like student loan debt have begun to stand out even further as they take on the second largest category of debt to be paid, next to mortgages. Consumer and household debt continue to reach historical highs, continually garnering the attention of financial analysts who are keeping a wary eye on what could be a bubble with the potential to burst and bring us all crashing down into another recession.
If you owe debt on a home, car, student loan, and multiple credit cards too you may already be experiencing your own personal recession. Wondering how to make all the monthly payments and come up with money for the basics may progress from stressful to terrifying if you have lost your job or source of income and cannot find any way to pay. If you are a senior falling into significant debt, it is just as important to take control of the situation right away by speaking to an experienced debt protection attorney.
While you may have had your finances well under control previously, a personal crisis like a serious illness or accident may have thrown your life into disarray, or you may have experienced a separation or divorce, or death in the family. All of these issues can cause serious repercussions to income levels and are often the reason that individuals in the US file for bankruptcy too. Trying to pay off revolving credit card debt, or even worse, dealing with a collection lawsuit or a default judgment at a more advanced age is a precarious situation—and one to be avoided.
“More families that have elderly heads [of household] are placing themselves at risk of running short of money in retirement due to their increased likelihood of holding debt while in retirement,” cites Employee Benefit Research Institute data highlighted in a recent U.S. News article.
Seniors may be on a fixed income, reliant on Social Security, and have very little in savings, in anything. This, coupled with credit card debt, can leave them extremely vulnerable in the case of a lawsuit or a judgment where the creditor may be able to seize assets or freeze financial accounts.
Contact Fitzgerald & Campbell, APLC now so one of our experienced attorneys can review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes.