According to a USA Today article about debt, 78% of Baby Boomers have mortgage debt, 59% have credit card debt, and 56% have car payments. It takes a lot of will, discipline, courage and help to slay the debt monster. But it can be done.The game isn't over yet. Yes, you might be older. So what? Your older years can be one of the most rewarding life stages, provided that they are not filled with debt. If you have properly prepared your finances, you may find that you have time and money to travel, spend time with family … (7 comments)
seniors: Foreclosures, Home Prices and the Effect on Retirement Security
- 02/01/11 02:36 PM
It's no secret that foreclosures hurt home values in the neighborhood but how much will the stabilization of home prices help retirement planning? According to a new paper by the Center for Retirement Research at Boston College, elderly households will be facing increased housing distress during the next two years due to declining home values, high mortgage payments, and interrupted income. The paper identifies that almost 7% of elderly households surveyed have children or other relatives who are also experiencing housing distress that eliminates a support mechanism for payments that may fall into arrears. If a significant portion of wealth is … (2 comments)
seniors: Seniors Over Their Head's in Debt
- 01/10/11 12:41 PM
When we think of credit card debt, we often think the student who is swimming in credit card debt after years of paying for meals, books, and other college expenses that loans failed to cover or the middle class family who carries credit card debt while struggling to keep up with bills and other demands. Often overlooked is the demographic that actually accounts for more than 20 percent of all bankruptcy filings - the elderly. Alarmingly, the number of people 55 and over who are either drowning in credit card debt, filing bankruptcy, or suffering from poor credit is growing. … (2 comments)
seniors: Seniors Over Their Heads in Debt
- 01/03/11 08:36 AM
When we think of credit card debt, we often think the student who is swimming in credit card debt after years of paying for meals, books, and other college expenses that loans failed to cover or the middle class family who carries credit card debt while struggling to keep up with bills and other demands. Often overlooked is the demographic that actually accounts for more than 20 percent of all bankruptcy filings - the elderly. Alarmingly, the number of people 55 and over who are either drowning in credit card debt, filing bankruptcy, or suffering from poor credit is growing. … (0 comments)
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