Seniors & Credit Cards - Family Advice

We were recently approached by someone who's parents credit card habits were creating grave concern.  The debt was piling up just from the interest, and they were at a loss as to anything that

could be done.  There are some steps you can take to help get the ball rolling in the right direction.  Let's look at a few of the most common:
1) Make sure your parent isn’t still using the cards so that they don't accrue additional debt.
2) Review every credit card to see if any other individuals besides your parents are associated with each account. If so, request that their names be removed from any applicable accounts if possible – this will help the other person(s) to retain or salvage their own credit rating.
3) Call each credit card company and request a settlement, which would allow your parents to repay less than what they currently owe, and to do so within a reasonable payment structure.
4) If you’re unable to reach a settlement, seek legal advice. Since your parents are in debt and likely cannot afford a lawyer, you can look for pro bono assistance.  Senior Centers and the local Council On Aging offices are a great place to start with this.
Open and frank discussions will be needed, but remember to not be harsh.  Credit card spending is a temptation that is easy to succumb to.
Bringing useful news to educate our clients is one more way that Home Helpers has been making life easier for over a decade.  Call us today at 704-909-7958.  And as always, you can find us on our website,  Facebook and Google+!