Debt and Seniors

In January 2008, I posted an article on this blog about older adults and debt. [To view that blog, search in the upper left of the screen for “debt.”]  Sadly, not much has changed.  Debt among older adults is steadily on the rise for a variety of reasons, especially medical, credit card, mortgage, utility, and credit card debt. Ideally, seniors should pay off, pay down, or eliminate debt. This publication from the National Council on Aging is a guide to managing and eliminating debt. https://www.ncoa.org/economic-security/money-management/debt/senior-debt-facts/

Investigative reporter Greg Iacurci of CNBC reported that total debt for adults age 70 and over for the years 1999-2019 increased 543%. Not necessarily harmful but in most cases, older adults lack both a safety net and discretionary income to survive a financial setback. https://www.cnbc.com/2020/02/26/debt-among-older-americans-increases-dramatically-in-past-two-decades.html

What happens to debt when you die? Dave Ramsey, nationally syndicated radio host and creator of the Total Money Makeover, has devoted his career to helping people live without debt and build wealth. “Debt is dumb and cash is king!” https://www.daveramsey.com/blog/what-happens-to-your-debt-when-you-die