Many Canadians in their Golden Years are getting poorer.
More Seniors in Canada are carrying debt into retirement, including mortgages, car loans and credit card debt. The debt is often incurred whilst maintaining a pre- retirement lifestyle, using credit due to attractively low interest rates, illness, market losses and some cases, the cost of assisting children.
The problem with carrying debt into your golden years and retirement is that the debt must be serviced with lower disposable income, which can lead to debt spiraling out of control.
Debt Help for Seniors
Ignoring debt problems doesn’t solve the problem, so what can you do to solve it?
- Change your bank account to a bank where you have no debt however this won’t resolve the issue as they can still call you and go to Court to sue you.
- Liquidate assets such as a home or investments to pay the debt.
- Pay your debts through a debt repayment plan such as a Consumer Proposal through Hardie & Kelly Inc. a Licensed Insolvency Trustee.
- If you can’t afford to pay off all or a percentage of the debt you can consider a personal bankruptcy though Hardie & Kelly Inc. a Licensed Insolvency Trustee.
Debt can be stressful and the options may be confusing, so give us a call or email us at Hardie & Kelly Inc., the consultation is free and you can get debt help and a fresh start in retirement.Previous: "Payday Loans: Break the Payday Loan Cycle" Next: "8 Common Alberta Tax Questions"