It may not always be true that with age comes wisdom, but older people tend to spend money more thoughtfully than their younger selves did. If you splurged on a pair of shoes or a steak dinner just because it caught your eye, you probably did this when you were younger than 30. The so-called midlife crisis, in which middle-aged people make bold moves simply because they realize that life is short, sometimes manifests itself financially. People might buy an expensive new car or take a cruise around the world when they are 50 because they are not sure if they will be healthy enough to do it when they are 65 or 70. One rarely sees spendthrift retirees, though, unless they are sure that they can afford to spend. Seniors who give big charitable donations each year or host lavish Christmas parties are usually the ones who have budgeted everything with a financial planner or estate planning lawyer. The rest of us are watching every penny, and despite that, many of us are still in debt. If you are struggling with credit card debt and your 60th birthday is in the rearview mirror, contact an Oakland lawsuits, collections, and creditor harassment lawyer.
The Plastic Is the Enemy of Your Golden Years
Even the people who accept the most expansive definitions of good debt categorize credit card debt as bad debt. The only reason anyone would possibly carry a balance on their credit card is if they cannot afford to pay it in full. When young people rack up credit card debt, they do so in the hopes that the next promotion at work will enable them to pay down their credit card debt more quickly than they accumulated it.
Retirees have no such hope. Credit card debt simply follows them around. When you are on a fixed income, it is difficult to find money in your budget to pay more than the minimum payment each month toward your credit card balance; if this were not the case, you would not have a credit card balance.
Options for Seniors Struggling With Credit Card Debt
If your credit card debt has piled up to the point that it has tanked your plans to retire before your next birthday, you are not alone; many seniors have little hope of getting out of debt by paying the minimum payments, even if they work for the rest of your lives. The good news is that retirees, just like everyone else, have the right to file for bankruptcy protection, which discharges credit card debt. You can also pay off your debt with a less expensive loan, such as a reverse mortgage or debt consolidation loan. Another option is to settle your debt directly with the credit card company for a lesser amount.
Contact the Law Office of Melanie Tavare About Credit Card Debt
A debt relief lawyer can help you resolve your credit card debt before or after retirement. Contact the Law Office of Melanie Tavare in Oakland, California, or call (510)255-4646 for a case evaluation.
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