You are a senior or about to be? You are getting ready to head down the golden path of retirement? Nothing ahead of you, but relaxation, grandkids, and debt.
Financial Education for Senior Citizens: It’s Never Too Late. There are also debt management programs that usually carry a $25-$50 monthly fee, but lower your interest rates and consolidate your bill payments for credit card bills, medical bills, department store cards and other lines of credit.
A senior in good health may consider taking a part-time in order to pay off the credit card debt. Many businesses and organizations favor hiring seniors, as they tend to be more responsible and dedicated.
Senior debt statistics and where to go for help with debt consolidation, credit counseling and debt management. Debt relief for senior citizens: How to pay off your debt in your golden years and achieve the retirement you deserve.
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Senior citizens suffer from financial dilemmas, such as debt, for a myriad of reasons, including a crumbling economy, dwindling savings, rising medical costs, credit card debt and fraud. The recent downturn of the American economy has been especially tough on seniors who survive on fixed incomes.
While your equity (assuming full market value, not including fees or interest) amounts to $87K, you may or may not qualify for another equity loan it would only shuffle debt, not really pay it since you are talking about $80k in unsecured debt.
· Any debt with higher priority over other forms of debt is considered senior debt. For example, if a company has debt A that totals $100 and debt B that totals $50, debt A is senior debt and debt B is subordinated debt. If the company needs to file for bankruptcy, it is required to liquidate all of its assets to repay the debt.
Mezzanine debt is a hybrid form of capital that is part loan and part investment.Senior debt is a loan from a bank. There are many differences between the two. Banks lend off of asset values so most senior loans are collateralized with assets.
With subordinated debt, there is the risk that a company is not able to pay back its subordinated, or junior, debt if it uses what money it does have during liquidation to pay senior debt holders.
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