Seniors’ Debt Could Be Their Childrens’ Debt
The so called ‘greatest generation’, people now in their senior years, are racking up huge amounts of credit card debt. According to surveys, nearly 40% of seniors have said they’ve accumulated credit card debt in their retirement years. Many have no intention of even paying it off.
From vacations, to medical bills to just plain old spending, seniors are buying on plastic like never before. This indeed may be a surprise to their children and younger people alike, as the general thinking was that this generation was the most financially responsible.
In their lifetime, they’re simply not worried about paying it off, according to a survey released by CESI Debt Solutions. When you’re young, it’s a little bit easier to pay down big spends on plastic, but when you’re approaching retirement, it obviously gets more challenging. Greater than 40% of seniors surveyed reported that they have saved less than $50K when retirement arrived. 4% of that 40% saved nothing.
Some of the reasons why they’re not paying down their debts is that most elders don’t know where to begin. Others in that generation were taught to keep finances to themselves, and so are embarrassed to admit it or get the help they need to get out of debt.
While many seniors are racking up credit card debt, they are under the false assumption that they’re protecting their children from the debt. The fact is that on their death, the debt is paid out from estate assets before any monies get willed to their kids. In many cases, family siblings squabbling over who gets their parents’ house wind up getting nothing. This is because the house is sold 1st to pay off the debt.
If you have parents or relatives with high amounts of debt, it may be time to have them consider a debt resolution program. Performance Debt Resolution offers a low fee, no interest payment program to save up to 50% in credit card debt totals. Imagine the peace of mind knowing your parents’ debt is being paid down for them, with NO TAXES! Call today at (866) 401-6148 for a free consultation.
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