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"Old Debt" used to indicate debt that was several years old, but now it has another, new definition: debt owed by elderly persons.
Not only do single parents struggle with bills, but now even your grandparents may be experiencing elderly debt problems.
Don't think that grandma and grandpa may be living a nice retired life without any debts. It seems that the older generation may be the ones who have debts that are above $10,000 and growing. It is hard to imagine that at age 65 or older we could find ourselves in debt and living on a limited income. Yet this is what is happening.
In 2008 those 65 and older were carrying thousands in credit card debt. Medical expenses and out of pocket expenses like prescriptions made up for much of the debt. It's estimated that only one third of consumers use credit cards for basic living expenses and most consumers when they do use credit cards will charge for auto repairs, college, business expenses, loans to relatives, and basic living expenses if there is a job loss.
Credit cards can certainly be handy to have when consumers who have lost their job, need to make charges just to live for a few months. With the high cost of health care, older consumers are needing to use them too. Unfortunately, because of the crack down by the Obama Administration on the credit card industry, those who used their credit cards wisely and knew the terms and unconditions for the card, will now have to suffer the consequences of having higher costs just to carry a credit card.
The elderly may need to seek the services of a credit counselor and seek help with their health care options or they will continue to get deeper into debt. Generic drugs may be one option to help lower the cost of prescriptions, yet some medications are not available as a generic.
If you are an elderly person struggling with debts, consider these free tips:
- Seek the help of family or friends.
- Talk to your physician about your prescription drug options.
- Talk to Social Workers about programs that could help you.
- Consider professional debt relieft options such as credit couseling agency or even a debt settlement company.
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