14 Financial Resources for Seniors in Debt

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Do your clients include a senior retiree with looming debt and considering filing for bankruptcy? Here is a list of 14 financial resources that can help get their finances in order.

Retirement, a time previously ripe to lay back and enjoy the quiet of the night, is now crowned with stress, anxiety, depression, and rage.

And debt is the reason why

Seniors in America are now carrying more debt than ever before. In 2016, the financial burden averaged $31,050, according to a 2019 Congressional Research Service report, and the figure was a significant jump from an average of $7,500 in 1989.

The numbers underscore the direness of the situation, which plagues the golden years of almost half of households headed by someone over 55, according to the U.S. Government Accountability Office.

The rise in senior indebtedness has also led to an exponential growth in the number of older Americans filing for bankruptcy.