Guest Post: Can senior citizens be benefited with debt consolidation program?

Retirement should be an enjoyable leisure time of life, but credit card debt can spoil the fun. Seniors are always unique in a particular country and they are always given special attention by the government of a country. The population of 62+ individuals is the largest growing among the society. Most seniors are either retired or are looking forward to their retirement age within a few years. With retirement comes a fixed income from Social Security and pensions and the majority of the seniors live on these two sources. As the cost of living of the seniors rise, the retirement income may not be enough to cover all costs of seniors.

Seniors are among the most conscientious and credit worthy borrowers in America but this has unfortunately translated into two bad statistics. Credit card debt has almost doubled for those over 62 and bankruptcy has tripled. In the ever changing financial scenario, seniors cannot be left behind. It is in such a situation that seniors start using their credit cards and often overspend their limits. As they begin to use credit cards to offset the difference, they start accumulating credit card debts. As it is always easy to accrue credit card debts than to solve, the seniors are left with no option but to turn to debt relief options. Debt consolidation non profit companies can be helpful to such financially stressed seniors. Have a look at how seniors can benefit from debt consolidation non-profit companies.

  1. Save those extra dollars on consolidation charges: A for profit debt consolidation program will charge you a fee in exchange of their services but non profit debt consolidation companies shall have no fees at all. Thus it helps the seniors who are already financially troubled but yet are looking for ways to get rid of debt. You save those extra dollars on debt consolidation fees.
  2. Single monthly payment replaces multiple payments: Are you tired of making multiple payments to multiple creditors? If yes, then seek help of a debt consolidation program and consolidate your multiple payments into a single monthly payment. You just have to pay monthly to the debt consolidation company and this will help you pay off your debts affordably.
  3. Waives off late fees and penalties: If you have missed out some of your credit card payments or if you have overused your credit card, then you must have accrued a huge amount of money in the form of late fees and penalties. By paying off your credit card through a debt consolidation non profit company, you can get rid of such late fees and penalties.
It is seen that seniors are the number one target of debt consolidation scammers. Almost half of all identity theft in America involves misappropriating credit card data. Thus it would be wise on the part of the seniors to keep a track on their credit card data, both past and present and keep a close watch on unusual items or repeated charges. While lawmakers are beginning to crack down on these problems, seniors should also stay alert against such scams. The unique circumstance of a senior citizen means unique options and risks when it comes to debt consolidation non profit. There are many free sources in your state that are trustworthy and can help you determine your best financial plan. No matter whichever direction you choose to get rid of your debts, you need peace of mind and the money for which you’ve worked so hard.

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