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Stopping the minimum monthly payment is the primary way to negotiate credit card debt forgiveness for elderly parents - if they are lawsuit judgment proof.
Senior citizens should address credit card debt right away, and live within your means to prevent unforeseen problems. If you find yourself struggling, consider using a credit counselor.
When it comes to credit card debt relief, it's important to dispel a common misconception: There are no government-sponsored programs specifically designed to eliminate credit card debt.
Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA. Are your credit card bills piling up?
Get on a plan to pay off your debt in three to five years. Consolidate multiple credit card payments into one monthly payment. Unlike with debt consolidation companies, all of your monthly payment goes toward your debt. Your creditors may reduce your monthly payments or your interest rates.
Debt forgiveness through consolidation and settlement. Credit card debt and payday loans are common among older adults, especially payday loans. Knowing that seniors are dependent on social security payments and their retirement funds, lenders often don’t hesitate to issue loans.
A variety of government and nonprofit agencies offer programs that can polish some of the financial tarnish off your golden years. Being courageous, determined, and resourceful in the face of mounting years doesn’t mean going it alone. Types of Debt Worrying Seniors.