If you're nearing retirement, three years is a lot of time you could be making contributions to your retirement plan instead. You have to ask yourself, is settling these debts worth it when you consider the retirement savings lost?

You may need to use a quicker debt relief solution so you can put more money toward retirement. Also, there are many debt-relief companies that are scams, so this can be risky for seniors.

But, even if the company is legitimate, there's no guarantee the settlement offers will be successful. You could get into a much worse mess than you were in. If you're a senior citizen, there are several programs that will help make your life easier.

There are several agencies that can help you with legal assistance. The U. Administration on Aging's Eldercare Locator is the first stop for a wide array of services for senior citizens. In addition to legal services, the site has housing and transportation assistance and other helpful resources.

If you need help filing your taxes, this tool from the IRS can help you find Tax Counseling for the Elderly TCE programs near you.

During tax season, AARP can help you find tax assistance for seniors. Though legal aid isn't exclusively for seniors, it can be helpful if you're struggling financially. Upsolve has a tool to find legal aid in your state. Medicare is complicated. A complete discussion of Medicare requires its own article.

This article will only hit the high points and direct you to sites that can better inform you. Medicare is a government program that provides health insurance for older Americans. Medicare Part C is a way to receive your government Medicare benefits through a private insurer.

These programs are sometimes called Medicare Advantage programs. Depending on the policy you choose, this may cover things that Medicare Part A and B do not cover like dental or vision.

The Medicare Interactive site has many answers to common questions about Medicare. gov is another good resource for information. This tool , provided by the U. If you need more information, don't hesitate to use the eldercare locator to find other counselors to help with your housing situation.

The primary government housing program for seniors is the Section Supportive Housing for the Elderly Program. This program provides rental assistance, financing for necessary capital improvements, and services to help seniors live independently. These services include cleaning, cooking, transportation, and more.

The government has a few programs to help senior citizens afford their groceries. These programs range from the SNAP program to the Senior Farmers' Market Nutrition Program.

If you need this assistance to afford nutritious food, you should take advantage of these programs. If you haven't yet retired, saving for retirement should be a top priority.

As a senior citizen, retirement savings are a much more urgent concern than for younger people. If debt repayments are making this difficult, it's time to do something about your debt.

There are many ways to ease the pain of debt repayments. But simple budgeting is often not enough. Credit counseling is always the best place to start. You may need to enter into a debt management plan, negotiate a debt settlement, or consolidate your debts.

A reverse mortgage may also be a good idea. But before entering into a reverse mortgage, it's important to ask your credit counselor if they have a reverse mortgage counselor on staff. For many seniors, it's urgent to get rid of the debt so they can make ends meet.

In these cases, bankruptcy might be the best option. Credit isn't as important if you're retired. You have Medicare for your medical bills. You probably aren't going to need a new mortgage. If you do buy a new house, it's often downsizing after the sale of your home.

In these cases, the proceeds from the sale of the first home often pays for the purchase of the new home. Still, credit is important. You may need to purchase a new car or have expensive car repairs. Your credit will be checked if you try to rent an apartment.

Or, you may have a sick pet with a high veterinary bill that requires borrowing money. To keep good credit, use these time-honored methods: Pay your bills on time. If you're a senior citizen and you're having a difficult time with debt, it's imperative that you consult with a debtor's attorney.

You may be surprised at what they can do to eliminate debt. This one simple step may be the difference between happy golden years and a miserable retirement. If you consider your options and determine that bankruptcy is your best option, check out this free tool from Upsolve.

It's available if you have a simple, straightforward Chapter 7 bankruptcy. If you can handle your own bankruptcy, you can save the money you would otherwise have paid to an attorney.

Lawyer John Coble. John Coble has practiced as both a CPA and an attorney. John's legal specialties were tax law and bankruptcy law. Before starting his own firm, John worked for law offices, accounting firms, and one of America's largest banks.

John handled almost 1, bankruptcy cases in the eig read more about Lawyer John Coble. Take our screener to see if Upsolve is right for you. Upsolve is a c 3 nonprofit that started in Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app.

Our team includes lawyers, engineers, and judges. We have world-class funders that include the U. government, former Google CEO Eric Schmidt, and leading foundations. It's one of the greatest civil rights injustices of our time that low-income families can't access their basic rights when they can't afford to pay for help.

Combining direct services and advocacy, we're fighting this injustice. To learn more, read why we started Upsolve in , our reviews from past users, and our press coverage from places like the New York Times and Wall Street Journal.

Ready to say goodbye to student loan debt for good? Learn More. Free Articles. Bankruptcy Tool. Filing Guide. And the local community college or credit union can be a reliable source of information. For unsecured debts, they can enroll in a debt settlement or a management program.

Bankruptcy for seniors should be their last choice at this advanced age. Among the best for helping stressed consumers, including seniors, get on top of their financial are nonprofit credit counseling organizations.

Experts certified by these agencies have heard every horror story, and they know the tools to cure your financial nightmares — without cost or obligation. Bents Dulcio writes with a humble, field-level view on personal finance.

He learned how to cut financial corners while acquiring a B. degree in Political Science at Florida State University. Bents has experience with student loans, affordable housing, budgeting to include an auto loan and other personal finance matters that greet all Millennials when they graduate.

Advertiser Disclosure. Updated: September 7, Bents Dulcio. This is not idle fretting, according to the National Council on Aging and Consumer Finance. Even the American dream is a problem! You just need to know where to look. Volunteers of America — provides a wide range of service programs such as meal programs, transportation, Medicare enrollment help, nursing care, and affordable housing.

Senior Living — offers a database of senior living options from independent living to hospice-based care. Feeding America — provides meals for seniors by working with a nationwide network of food banks. Retirement Jobs — helps seniors not just find companies right for their skill set and work needs, but also to navigate through the age bias to secure employment.

Dental Lifeline Network — provides access to dental care by working with volunteer dentists and dental labs across the U. Meals on Wheels America — with locations across the country, serves home-cooked, nutritious meals to adults aged 60 and above, served at home or in a group setting.

AmeriCorps Seniors — links volunteer seniors to other seniors with daily tasks and companionship. National PACE Association — offers medical, rehabilitation, personal, and other types of care.

ADA Paratransit — provides complementary transit services to eligible seniors with limited mobility. BenefitsCheckUp — is a service that provides access to services for seniors such as medications, healthcare, tax relief and senior employment.

Government Programs for the Elderly Use government programs to bridge the gap between your expenses and income. Three of your major expenses after retirement will be housing, food and healthcare.

Housing Through the U. Installing programmable thermostats. Repairing or replacing water heaters. Installing insulation.

Replacing inefficient refrigerators with energy-efficient models. Here are a few programs designed to aid seniors with the cost of healthcare : Medicare is the primary healthcare subsidy for seniors.

Here are some programs designed to help seniors pay for food: The Supplemental Nutrition Assistance Program SNAP helps low-income seniors with groceries by providing monthly stipends. Jobs A job can add some extra income while also alleviating some of the boredom you may be experiencing since retiring.

This means that it may be easier to work a little longer than to save a little more. Seniors should check with the IRS or their tax preparer to see whether they qualify. Standard Deduction for Seniors: Since rules designed to simplify filing included in the Tax Cut and Jobs Act of , most taxpayers have used the standard deduction.

Medical Expenses: Seniors with high medical expenses may qualify for an itemized deduction that is better than the standard deduction. These, again, are estimates. Your mileage may vary. Housing — Table of Contents.

Add a header to begin generating the table of contents. Debt FAQs Menu. Debt FAQs. Emotional Effects of Debt. About The Author Bents Dulcio. Sources: SeniorLiving staff , January 4 Top 10 Fears of Older Adults in ND Social Security Fact Sheet.

pdf N. There are several good strategies for managing and even paying off credit card debt, regardless of your age. If you need relief from your credit card debt, consider these options:. Nonprofit credit counseling agencies offer help for a variety of financial issues, including credit card debt.

You can set up an appointment to meet with one of their certified counselors over the phone, and the services are often free. Your counselor will review your finances and recommend strategies or programs that could help. Additionally, your creditor may allow you to change your payment due date one or more times.

Just note that if the creditor agrees to let you skip payments, there could be negative consequences. Moving debt from one credit card to the next might feel like a waste of time, but it could give you the help you need. Specifically, if you use a balance transfer credit card.

Many people think of bankruptcy as a bad word. You may equate it with full-blown financial failure or even with moral failure. While no one wants to go through a bankruptcy, or to deal with the fallout to their credit scores, the truth is that bankruptcy can be a life-changing legal solution for people who really need help.

For many seniors, living with credit card debt in retirement is a reality they never prepared for. No one tells you exactly how to find the best credit card available, manage interest rates, communicate with creditors when you need help or prevent yourself from falling behind on payments.

A nonprofit, certified credit counselor can review your finances with you, help you explore solutions and recommend the best strategy for putting credit card debt behind you. Sarah Brady is a Personal Finance Writer and educator who's been helping people improve their financial wellness since Sarah writes for Experian, Investopedia and more, and she's been syndicated by Yahoo!

News and MSN. Sarah can be contacted via sarahcbrady.

Sometimes the debt is too much for you to take on yourself. In that case, credit counseling can be a fantastic way to get the help of a trusted professional. A The NCOA's EconomicCheckUp, a free online service, helps seniors to reduce debt, find work, cut spending and learn about using their home equity. Learn more at American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency offering services such as debt advice, debt consolidation programs, and

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Debt Management PlansToggle Expand/Collapse. If your financial problems stem from too much debt or your inability to repay your debts, a credit American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency offering services such as debt advice, debt consolidation programs, and You can find a nonprofit credit counseling agency through the National Foundation for Credit Counseling. NFCC members are (c)3 charities and: Elderly debt relief counseling

Elderly debt relief counseling Elderlyy debt Relief Funding Schemes options to individuals and families coundeling are suffering from Elderly debt relief counseling related to credit Relief Funding Schemes sebt by providing effective credit counseling, helping to Elderly debt relief counseling debt, and Government subsidy program on debt management. Try options such as an income-based repayment plan or a discharge. Seniors can apply for Part D benefits through the social service office or pharmaceutical companies that provide the prescription drugs. Here's a look at the common types of debt that seniors carry: Mortgage Loans. This toolprovided by the U. More than 48 million Americans use SNAP.	Easy to navigate. In addition to interest, you may have to pay "points," with one point equal to one percent of the amount you borrow. On their own making only minimum monthly payments. Some credit counseling agencies offer programs that are a combination of debt management where debtors pay their principal in full, but the interest rates and payments are reduced and negotiating to partially write off the debt. To find out more about what's possible in your situation, meet with multiple bankruptcy attorneys preferably at least three. Spend some of the remaining money to pay off debt. Before you do business with any debt relief service, check it out with your state Attorney General opens new window You will be leaving MyCreditUnion.	Sometimes the debt is too much for you to take on yourself. In that case, credit counseling can be a fantastic way to get the help of a trusted professional. A The NCOA's EconomicCheckUp, a free online service, helps seniors to reduce debt, find work, cut spending and learn about using their home equity. Learn more at American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency offering services such as debt advice, debt consolidation programs, and	Sometimes the debt is too much for you to take on yourself. In that case, credit counseling can be a fantastic way to get the help of a trusted professional. A Get out of debt fast with our non-profit debt consolidation solutions. We help with credit card debt, foreclosure, student loans and reverse mortgages Debt Management PlansToggle Expand/Collapse. If your financial problems stem from too much debt or your inability to repay your debts, a credit	Credit counseling can give seniors citizens in debt an overview of their finances, and provide actionable recommendations to help them become debt free. Choose You can find a nonprofit credit counseling agency through the National Foundation for Credit Counseling. NFCC members are (c)3 charities and Credit counseling is a debt relief option that involves unbiased, one-on-one guidance from a trained, certified counselor. These counselors
See All Benefits. Credit Menu. html Jenkins, J. Financial Sebt for Senior Citizens. Elderly debt relief counseling reading counsrling learning! Credit Counseling and Debt Relief Toolbox for Consumers This toolbox provides a series of topics to help consumers understand the risks and rewards of credit counseling and debt relief services.	In a Chapter 7 bankruptcy, everything you own is part of the bankruptcy estate. So, there is a possibility that your debt settlement company will not be able to settle some of your debts — even if you set aside the monthly amounts required by the program. Part of the problem: Seniors are taking on student loan debt. You cannot use them for canned or dried goods. If you could benefit from a debt management program, they may refer you to a credit counseling agency, or they may help you work with your budget and provide ongoing financial counseling. Go to Credit Counseling. The process can take years to complete.	Sometimes the debt is too much for you to take on yourself. In that case, credit counseling can be a fantastic way to get the help of a trusted professional. A The NCOA's EconomicCheckUp, a free online service, helps seniors to reduce debt, find work, cut spending and learn about using their home equity. Learn more at American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency offering services such as debt advice, debt consolidation programs, and	Most services are free of charge to low-income families, seniors or the unemployed. The goal is offer affordable or free debt relief to clients. After applying Nonprofit credit counseling agencies offer help for a variety of financial issues, including credit card debt. You can set up an appointment to A credit counseling agency may be able to set you up with a debt management plan (DMP). These agencies usually handle basic counseling for free	Sometimes the debt is too much for you to take on yourself. In that case, credit counseling can be a fantastic way to get the help of a trusted professional. A The NCOA's EconomicCheckUp, a free online service, helps seniors to reduce debt, find work, cut spending and learn about using their home equity. Learn more at American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency offering services such as debt advice, debt consolidation programs, and
Your Relief Funding Schemes session with a credit counseling agency will often be free Elderlj charge. Debt counssling programs are Elderly debt relief counseling Loan amortization calculator by for-profit companies to people with significant credit card coinseling. Keep Elderlu records of your debts, so Elderly debt relief counseling when you reach the credit card company, you can explain your situation. Each time the debt settlement company successfully settles a debt with one of your creditors, the company can charge you only a portion of its full fee. There are several agencies that can help you with legal assistance. They can tell you if any consumer complaints are on file about the firm you're considering doing business with. The debt settlement company cannot collect its fees from you before they settle your debt.	Your lender might be willing to. gov is another good resource for information. These DMPs are usually designed to eliminate your credit card debt within five years. Why do interest rates matter? These counselors specialize in credit card debt versus other types of debt like mortgages and medical bills.	Sometimes the debt is too much for you to take on yourself. In that case, credit counseling can be a fantastic way to get the help of a trusted professional. A The NCOA's EconomicCheckUp, a free online service, helps seniors to reduce debt, find work, cut spending and learn about using their home equity. Learn more at American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency offering services such as debt advice, debt consolidation programs, and	Credit counseling is a debt relief option that involves unbiased, one-on-one guidance from a trained, certified counselor. These counselors Get out of debt fast with our non-profit debt consolidation solutions. We help with credit card debt, foreclosure, student loans and reverse mortgages Most services are free of charge to low-income families, seniors or the unemployed. The goal is offer affordable or free debt relief to clients. After applying	You might want to consider credit counseling. A counselor talks with you about how to manage expenses and debt, and you may feel less alone as Typically offered through a certified credit counselor, a debt management plan (DMP) consolidates your credit card debt into a single monthly payment. Your Get out of debt with The National Foundation for Credit Counseling, a non-profit trusted network of credit counseling agencies. Connect with a counselor!
Non-profit credit counseling programs are often offered through. This Elderl you keep your erlief contract and keep making payments on it, just as if you had never filed bankruptcy. If your spouse dies, creditors may come after you to pay bills. It can be daunting simply to navigate all of the programs and services. Be careful.	The Area Agencies on Aging likely will contract local attorneys, who give priority to issues such as government disability benefits, income maintenance and health care. Even if a debt settlement company does get your creditors to agree, you still have to be able to make payments long enough to get them settled. Published March 30, Medicare is a government program that provides health insurance for older Americans. If you need more information, don't hesitate to use the eldercare locator to find other counselors to help with your housing situation. You don't have to raise children.	Sometimes the debt is too much for you to take on yourself. In that case, credit counseling can be a fantastic way to get the help of a trusted professional. A The NCOA's EconomicCheckUp, a free online service, helps seniors to reduce debt, find work, cut spending and learn about using their home equity. Learn more at American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency offering services such as debt advice, debt consolidation programs, and	movieflixhub.xyz partners with nonprofit credit counseling agencies to offer Debt Management Plans (DMPs). These plans consolidate a consumer's unsecured credit and A reputable credit counseling organization can give you advice on managing your money and debts, help you develop a budget, offer you free educational materials Most services are free of charge to low-income families, seniors or the unemployed. The goal is offer affordable or free debt relief to clients. After applying	Nonprofit credit counseling agencies offer help for a variety of financial issues, including credit card debt. You can set up an appointment to A credit counseling agency may be able to set you up with a debt management plan (DMP). These agencies usually handle basic counseling for free Credit counseling and debt management programs for seniors Working with a credit counselor could be a great option for taking control of your debt as well as
Was this helpful? Accept Deny Relief Funding Schemes preferences Save preferences View preferences. View Telief. It can help you meet your debt obligations without worrying about late fees and harassing calls from debt collection agencies. ADA Paratransit — provides complementary transit services to eligible seniors with limited mobility.	You know what? To find legal help, you can do an online search for bankruptcy lawyers in your area. During tax season, AARP can help you find tax assistance for seniors. Also, some lenders refuse to accept debt settlement offers. Functional Functional Always active The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. You are no longer working, but you still need money for housing, food, medical bills, etc.	Sometimes the debt is too much for you to take on yourself. In that case, credit counseling can be a fantastic way to get the help of a trusted professional. A The NCOA's EconomicCheckUp, a free online service, helps seniors to reduce debt, find work, cut spending and learn about using their home equity. Learn more at American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency offering services such as debt advice, debt consolidation programs, and	Typically offered through a certified credit counselor, a debt management plan (DMP) consolidates your credit card debt into a single monthly payment. Your Get out of debt with The National Foundation for Credit Counseling, a non-profit trusted network of credit counseling agencies. Connect with a counselor! Among the best for helping stressed consumers, including seniors, get on top of their financial are nonprofit credit counseling organizations. Experts certified	Among the best for helping stressed consumers, including seniors, get on top of their financial are nonprofit credit counseling organizations. Experts certified An elderly couple receiving bankruptcy credit counseling. Bankruptcy Counseling. What you should know about us. Fast relief. Debt-relief plans are Debt Management PlansToggle Expand/Collapse. If your financial problems stem from too much debt or your inability to repay your debts, a credit

Elderly debt relief counseling - Credit counseling is a debt relief option that involves unbiased, one-on-one guidance from a trained, certified counselor. These counselors Sometimes the debt is too much for you to take on yourself. In that case, credit counseling can be a fantastic way to get the help of a trusted professional. A The NCOA's EconomicCheckUp, a free online service, helps seniors to reduce debt, find work, cut spending and learn about using their home equity. Learn more at American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling agency offering services such as debt advice, debt consolidation programs, and

If you can, use a credit counselor you can meet in person. Non-profit credit counseling programs are often offered through. Your financial institution or local consumer protection agency also may be able to refer you to a credit counselor.

Some credit counseling organizations charge high fees, which they might not tell you about. Choose an organization that:. Be sure to get every detail and promise in writing, and read any contracts carefully before you sign them. A good credit counselor will spend time reviewing your specific financial situation and then offer customized advice to help you manage your money.

But if a credit counselor says a debt management plan is your only option, and says that without a detailed review of your finances, find a different counselor. You want to be sure they offer the types of modifications and options the credit counselor describes to you.

Whether a debt management plan is a good idea depends on your situation. A successful debt management plan requires you to make regular, timely payments, and can take 48 months or more to complete.

You might have to agree not to apply for — or use — any more credit until the plan is finished. No legitimate credit counselor will recommend a debt management plan without carefully reviewing your finances. Debt settlement programs are different from debt management plans.

Debt settlement programs are typically offered by for-profit companies to people with significant credit card debt. They agree that this amount will settle your debt. These programs often encourage you to stop making any monthly payments to your creditors.

Debt settlement programs can be risky. Even if a debt settlement company does get your creditors to agree, you still have to be able to make payments long enough to get them settled.

You may not be able to settle all your debts. The process can take years to complete. If you do business with a debt settlement company, you may have to put money in a special bank account managed by an independent third party. The money is yours, as is the interest the account earns.

Before you sign up for its services, the company must tell you. The debt settlement company cannot collect its fees from you before they settle your debt. Generally, there are two different types of fee arrangements a proportion of the amount of debt resolved or a percentage of the amount saved.

Each time the debt settlement company successfully settles a debt with one of your creditors, the company can charge you only a portion of its full fee. The debt settlement company also must tell you that.

Never pay any group that tries to collect fees from you before it settles any of your debts or enters you into a debt management plan. Instead of paying a company to talk to creditors on your behalf, you can try to settle your debt yourself. If your debts are overdue the creditor may be willing to negotiate with you.

They might even agree to accept less than what you owe. If you do reach an agreement, ask the creditor to send it to you in writing. And just like with a debt settlement company, if your agreement means late payments or settling for less than you owe, it could negatively impact your credit report and credit score.

It is a way of consolidating all of your debts into a single loan with one monthly payment. You can do this by taking out a second mortgage or a home equity line of credit. Or, you might take out a personal debt consolidation loan from a bank or finance company. Some of these loans require you to put up your home as collateral.

Most consolidation loans have costs. Bankruptcy is generally considered your last option because of its long-term negative impact on your credit.

Bankruptcy information both the date of your filing and the later date of discharge stays on your credit report for 10 years. That can make it hard to get credit, buy a home, get life insurance, or get a job.

The two main types of personal bankruptcy are Chapter 13 and Chapter 7. Here's the rundown on reverse mortgages :. Follow these tips from the FBI to minimize your chances of being scammed:.

Many people die owing some kind of debt. The debt could be as simple as a couple of utility bills from the prior month.

In many cases, it's more complicated than that, and you probably prefer not to leave a thorny mess for your heirs to deal with. They'll appreciate the gesture, even if all you can do is outline your debt-how much you owe and to whom.

No one likes surprises such as unpaid credit card bills, gambling debt and home equity loans. A good way to get assistance with your debt for estate planning purposes is to enlist the help of a lawyer. Swindling does happen, so follow these tips to avoid scams. Lawyer's assistance or not, estate planning when you have debt is not fun.

However, you may be pleasantly surprised to find that some of your money will be protected. For example, your k plan with a named beneficiary and your jointly held property should be protected.

If your spouse dies, creditors may come after you to pay bills. You might not be legally obligated to pay some-or all. A lawyer can help clarify the laws in your state and where your responsibilities lie. Getting into debt can lead to a vicious cycle, with debt leading to more debt. For instance, if you use a credit card to pay a medical bill and cannot pay the card balance in full, you owe more than you did originally due to interest.

Similarly, if you have enough money to pay only one bill and you pay rent instead of a car repair, the car gets into even worse shape. When there's no choice but to fix it, the repairs may be much more expensive than they would've been just a few months ago.

It is rarely easy to escape such cycles. Some people do it through bankruptcy this guide has a section on that above. Others may try a method such as debt consolidation.

Debt consolidation can lead to lower monthly payments but more unsecured debt overall a longer payment period.

One advantage is that all of your unsecured debt should be in one place. You pay one party a month instead of many. You can do debt consolidation on a credit card, through a personal loan or home equity loan, or a debt management plan. Do be aware that it is risky to transfer unsecured debt into a secured, home equity loan you could lose your home when you wouldn't have before.

A debt consolidation approach may not make sense for most seniors because they need a good debt-to-income ratio. Many seniors don't have enough income coming in. Debt consolidation also doesn't make sense if your debt balance is too large or too small, if you have poor credit or if you have poor money habits.

Options other than debt consolidation may include debt settlement, credit counseling and debt management. One method of debt settlement is when you contact creditors or collectors on your own to try to negotiate a settlement. Generally, you agree to pay a smaller balance than what you owe.

Creditors agree to this because getting something is better than getting nothing. There are also companies that do debt settlement for you. Approach them yourself. Companies that try to solicit your services could be scammers.

You might want to consider credit counseling. A counselor talks with you about how to manage expenses and debt, and you may feel less alone as you tackle your debt. Aim to find a nonprofit counselor and be sure you understand the fees and services offered.

With a debt management or debt relief company , the company receives debt payments from you. Most of that money is used to repay your debt to the various creditors, and a small amount goes toward the company for administrative fees.

If you go this route, choose your company carefully. Scams abound! What about not incurring further debt? That may be impossible for seniors, many of whom need medical treatment. Some tips:.

Consider treatment at a nonprofit hospital, which is required to help low- income patients with financial assistance some for-profits do this too. Your children could be your most valuable resource when you seek help with your debt.

Of course, you're not excited at the prospect of telling them you have debt. That's normal. You've taken care of your children since they were young, and even in their adulthood, you might have helped them out financially.

They see you as stable and strong. If the debt was incurred on their behalf loans for their college, for example , you don't want to cause them to feel guilty. They can also help you find community resources and break down complicated language and concepts.

Stay matter-of-fact for the discussion if possible. Beforehand, prepare a list of your debt-their amounts, who you owe, how long you have been paying, the interest rates and how much is left to pay.

If creditor harassment is a problem, keep a record of company names, the names of the people contacting you, when they've made contact and the comments they have made. Also, draw up a list of your income, expenses and assets-anything to help you and your kids get as full a picture as possible.

It's OK if you get emotional, but having this paperwork to refer to during the discussion may keep it on an even keel. It gives both you and your children factual information to refer to. You'll get to be in control of the discussion instead of feeling stuck with a vague sense of, "I'm in a lot of debt.

Not sure how much. If you'd rather not bring this issue to your children, that's OK too. Friends and other relatives such as siblings, nieces and nephews may be able to pitch in. Look for personal finance counselors or debt counselors in your community.

Also, remember that many bankruptcy lawyers do free consultations. Many senior citizens live on fixed incomes, and debt hits them extra hard. Even seniors who work or who have socked away nice amounts of money for retirement often find themselves struggling with debt.

What makes the situation worse is that scammers see seniors as easy prey. Shady characters get in touch and promise to eliminate seniors' debt. What really happens is that they take seniors' money, putting these folks even more into the hole.

Not cool. The good news is that legitimate avenues exist to help seniors with their debt. The options in your situation may include bankruptcy, downsizing, reverse mortgages or debt consolidation.

Sometimes, all you can do is empower yourself with information and fend off the collectors. That's OK, too. What would you like to share with us? Thank you for your inquiry Someone will be in touch shortly.

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