If you have accessed the Internet at any time in the past decade, you have probably found content about how people your age do not understand the financial struggles that young people are facing, and that you and your peers are unfairly blaming the young generation for their dismal financial situation. Now think about the financial advice that your parents used to give you, or the advice that they still give you if they are still alive. Doesn’t it sound outdated? Perhaps both of your parents lived out their retirement on their Social Security income plus your Dad’s pension, and it was more than enough to enable them to travel every year to visit friends and relatives. Meanwhile, you have not done any leisure travel since your college graduation trip, which, come to think of it, was a gift from your grandparents. Your parents’ mortgage was paid off by the time they were your age, but you owe six figures of mortgage debt. 

Financial stress and financial obligations do not go away the minute your name shows up on the AARP mailing list. In fact, more than half of Americans over 50 carry a credit card balance from one month to the next. If your hair is gray, but your finances are in the red, contact an Oakland lawsuits, collections, and creditor harassment lawyer.

Too Old to Sweat the Small Stuff But Still in Debt

Who needs a debt repayment avalanche when you can just chill?  Of the 50 percent of Americans who carry their credit card debt with them from one billing cycle to the next, only half of them cite this as a source of financial stress. The other half say that, despite their credit card debt, they still feel financially secure.

Why is this?  Is it because old age brings indefatigable optimism?  Most likely, the seniors who have credit card debt but are not especially bothered by it have other things going well for them financially; they may have salaried jobs with employer-provided retirement accounts.  These seniors might know that they can pay off their credit cards, but if it means withdrawing money from their personal savings accounts or taking early withdrawals from their retirement accounts, carrying a credit card balance seems like the least bad option.  They still have a financial safety net, which they would be loath to give up, even though the sight of the credit card balance would drive debt-free lifestyle zealots bananas.

Your credit card balance might not ruin your finances tomorrow, but you would be even more financially secure if you could pay it off.  The other seniors with a credit card balance are in worse shape.  With a fixed income, all they can afford is the minimum payments on their credit cards.  For them, debt settlement or bankruptcy is a better option.

Contact the Law Office of Melanie Tavare About Getting Out of Credit Card Debt

A debt relief lawyer can help you if you can only afford the minimum payments on your credit card despite your advanced age.  Contact the Law Office of Melanie Tavare in Oakland, California, or call (510)255-4646 for a case evaluation.