Rhett Rivera https://www.annuity.org 2m 387 #debtforgiveness
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As you age, expenses build up. From the costs of healthcare, housing and other necessities, it’s common for seniors to accumulate debt. But if you aren’t on top of your finances from the start, this debt can start to feel overwhelming.
Luckily, there are ways to manage your debt and reclaim financial freedom. We’ve outlined some of the best debt forgiveness methods below.
Create a Debt Management Plan
Before you do anything else, you should create a plan of action on how you’re going to manage your debt. Don’t pick up the phone to call your creditors before you’ve thought through what you’re going to say or whether that’s the right method to approach your situation.
Start off by writing out a list of your debts and prioritizing them from most to least important. You may want to consider managing high-interest debt first to save money in the long run.
Consolidate Debts
Debt consolidation loans can help you pay off your existing debts and, in some cases, reduce your interest rates. While you’ll need good credit to qualify for a loan, this method will bring together all of your debts into one account, making it easier to manage.
Negotiate With Your Creditors
If your debt is more than 3 months overdue, it could be a good idea to negotiate a lower settlement with your creditors. For this method, you can either attempt to negotiate with your creditors directly, or pay for a debt settlement company to do so for you.
Debt settlement companies typically charge around 30% the price of your debt, but if they’re successful, could save you more money than that initial charge. That said, if you decide to negotiate on your own, just make sure you do your research to figure out the best way to do so.
For more information about debt forgiveness strategies for seniors, check out the visual from Annuity below.
Infographic Embed Code: <p><strong>Please include attribution to Annuity.org with this graphic.</strong><br /><br /><a href=’https://www.annuity.org/retirement/lifestyle/debt-forgiveness-for-seniors/’><img src=’https://www.annuity.org/downloads/Annuity-org-debt-forgiveness-for-seniors-infographic.png’ alt=’debt-forgiveness-for-seniors.png’ width=’1281px’ /></a></p>
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