Outlook Money
A budget will help you identify the main reason behind accumulated debt, reduce unnecessary expenses, and help you determine effective repayment plans, thus enabling you to take informed financial decisions.
A smaller home will mean lower costs—less mortgage, lower taxes, and cheaper maintenance. Selling a bigger home can also bring in additional cash to tackle debts right away.
Credit counsellors can help seniors negotiate talk with creditors, working on better repayment plans with lower rates of interest, or combining debts for more manageable monthly payments.
A debt management plan is like having a money coach. You pay them once, and they handle paying all your different lenders. It’s way easier than juggling multiple payments.
You could also consider going in for a debt settlement with your lenders. You can do it either alone or through a company.
A reverse mortgage loan allows senior citizens to get some extra money to meet their living or emergency cash needs by mortgaging their home with a bank while still having residency rights of the home in their lifetime.
If you have too much credit card debt, you can go in for a balance transfer with a lower rate of interest for about 24 months to reduce your interest payments.
Compiled BY Himani Verma