As individuals think about retirement, they may have ideals of relaxation and leisure. Unfortunately, many South Carolina residents may be facing their retirement with substantial debt burdens to consider. Reports indicate that debt is a considerable issue among older individuals, especially those who have health issues and may already be facing financial struggles. As a result, emergency expenses could leave parties floundering.
It was noted that, while some individuals may be entering retirement with debt, there are also parties who are accruing debt after retiring. Because retirees typically live on fixed incomes, unexpected costs could negatively affect their budgets. In many cases, they may not have the funds to cover the costs, and as a result, their debt situations worsen.
There are various types of costs that could lead to older individuals facing debt. Among those costs are medical bills, utility bills and credit card debt. Many individuals may face tens of thousands of dollars of debt. These issues could lead individuals to make potentially negative decisions in order to compensate financially. For example, some individuals may skip meals, avoid making needed home repairs or even cut back on necessary medication in order to make it last longer.
Making drastic decisions in order to potentially save financially could have negative effects on a person’s health and livelihood. Therefore, South Carolina residents may wish to consider other debt relief options before making hasty decisions. Bankruptcy could help individuals facing substantial debt find their way back to stable financial ground. Information on Chapter 7 or Chapter 13 bankruptcy could help interested parties determine whether such a move could be right for them.
Source: The Washington Post, “Be attuned to seniors who carry a burden of debt”, Michelle Singletary, Feb. 9, 2016