Getting into the debt trap is easy. A recent study by the AARP has found that seniors are carrying $2,000 more in credit card debt than those under the age of 50. And it’s not that seniors are living extravagant lifestyles with credit cards. Rather, most of them are paying for basic living expenses, such as rent, mortgage payments, groceries and medical expenses.
What I take from this article is that seniors are using credit cards as supplemental income. With their earning years behind them, it might not be possible to pay back this debt. A troubling trend is that some of these seniors are dipping into their retirement to pay down this debt. For folks in this situation, they may want to consider whether other options exist to pay down the debt rather than taking it out of the retirement funds. A debt settlement attorney may be able to negotiate the credit card debt down to a more reasonable amount that could be paid over time. We encourage folks similarly situated to seek the assistance of an attorney skilled in debt settlement to determine whether your debts can be settled without the need for bankruptcy and without the need to utilize retirement funds.