Having high debt can pose some serious challenges for elderly individuals.
One such challenge is that having high debt can be a big drain on a senior’s retirement savings. Such a drain could:
- Increase an elderly individual’s likelihood of facing having their retirement savings run out.
- Leave an elderly individual particularly vulnerable to facing serious financial problems if medical problems or other sources of unexpected costs arise.
- Cause a senior to have to continue working well into their retirement years.
Another such challenge high debt can pose for elderly individuals is that it can sometimes result in a senior no longer being able to keep up with all their debt payments. Falling behind on debt payments could put a senior at risk of losing things that are important to them, like their home or meaningful property they have that was put up as collateral for a loan.
Personal bankruptcy can sometimes be of help to elderly individuals whose debt load has reached an overwhelming level. The bankruptcy process can sometimes help an elderly individual in such situation lower their overall debt load and get themselves into a less vulnerable position financially. Bankruptcy attorneys can provide guidance to elderly individuals who are wondering if their particular debt situation is one that bankruptcy might be able to help with.
There are all sorts of different types of debt that bankruptcy is sometimes able to help with. One such type is mortgage debt.
Sadly, it appears that mortgage debt is becoming an increasingly concerning issue for seniors here in the United States. According to federal statistics, both the percentage of senior homeowners who have mortgage debt and the average amount of mortgage debt seniors hold have been trending upward in recent years.
What do you think is causing these increases? How common do you think high mortgage debt is among seniors here in Mississippi? Do you think seniors here in Mississippi face more or fewer mortgage-related issues than seniors in other parts of the country?
Source: Portland Press Herald, “Mortgage debts force seniors to work in retirement,” Paul Wiseman, June 3, 2015