How to Talk to Seniors about Credit Card Debt |
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by: Janna Weiss
The statistics are grim. People over the age of 65 are racking up credit card debt faster than any other demographic. Sadly, many of these same people live on limited incomes, and have to struggle to make their credit card payments each month. As medical bills mount, they find themselves deeply mired in debt that they’re not certain they can repay.
If that scenario sounds familiar, there are a few things you should know about credit card debt and how it can affect you and your elderly loved ones. Talking to anyone of any age about their credit card debt can be difficult. Seniors don’t want to be viewed as incompetent, so you have to find the right balance of tact and concern when you broach the subject.
If possible, wait until the subject arises naturally. The opening could be a news report about the credit crunch, credit card offers that come in the mail, or your own uncomfortably high credit card payments. Once you have a good reason to bring up the topic, you can smoothly segue to your own observations and concerns.
Approach the problem like it’s a team effort. Instead of laying blame for the debt, ask the senior to help you come up with ideas for reducing it. You could also ask them if they’d like to speak with a financial counselor; many programs offer their services for free or at a special low rate for seniors. If you’re the child of an elderly person with massive credit card debt, enlist your brothers and sisters to help brainstorm.
It’s possible that the senior could really be struggling, perhaps even foregoing other necessities like medication in order to maintain a high credit rating. When this occurs, it’s time to have a frank but compassionate discussion with the senior. Help them take an honest look at their financial situation. If you can afford to do so, help them pay down their debt to a more manageable level. Discuss with them the pros and cons of keeping credit cards at this stage in life, and help them decide how to deal with future offers of new credit cards. These talks might not go well at first. Don’t be afraid to stop the conversation and resume it at a later time when both parties are calm.
If your elderly parent passes away, debtors can take their estate and use the funds to repay some of the delinquent debt. However, they cannot collect directly from the senior’s surviving family members. Still, credit card debt can cause emotional stress, physical suffering, and deep embarrassment to seniors who struggle with it. Talk to your loved ones before it’s too late.
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