I recently read an article about the rising debt of senior citizens. Senior citizens, I thought? Surprising, not really. Think about it. Senior citizens are on a fixed income unlike the younger generation. Their income does not keep up with the rising prices for food or anything else. Seniors are using their credit cards to pay for everyday items such as groceries and medical care. The article mentions visiting a consumer credit counseling service. Here are a few additional steps you can take to help a loved one:
· Set up a budget and evaluate where the money is being spent. The budget will help with organizing expenses and looking for excess cash reserves.
· Look for alternative sources of income. Perhaps your loved one can obtain a part time job to help with the excess bills.
· Shop around for better prescription prices or choose generic drugs. Wal-Mart has a prescription program where prescriptions can be purchased for as little as $4.
http://www.walmart.com/catalog/catalog.gsp?cat=546834
· Contact the credit card company and negotiate repayment terms. Right now is a good time to negotiate with your credit card company. Most of them are flexible and willing to negotiate with you in order to keep you as a customer.
What are your thoughts and what are you doing to help your loved one overcome their debt problem?
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