Three Ways for Seniors Receiving Elderly Care to Reduce Debt

Senior Care in Sharpsville PA

Unfortunately for seniors, when it comes to debt the news isn’t good. In 2013, 61.3 percent of homes where the head of the household was someone 60 or older had debt of some kind. The average Senior-Care-in-Sharpsville-PAtotal debt for these households was $40,900. This can be especially bad news for seniors who are hoping to leave an inheritance to their family or favorite charity. Thankfully though, there are ways seniors receiving home care can combat debt and achieve financial freedom during their golden years. Here are three ways they can do it.

 

Stop Creating Debt

One of the first ways to overcome debt is to simply stop creating it. While this sounds easy enough, it can actually be difficult especially for seniors who are living on a tight budget. When an emergency arises, it’s sometimes more convenient to use a credit card to pay for unexpected expenses. Some effective strategies to stop creating debt include:

  • Stop using credit cards – To avoid the temptation of using credit cards, seniors should chop them up or put them in a glass of water then freeze it.
  • Stop upgrading – Seniors should ask themselves if they really do need the latest and greatest cell phone, computer, or television.
  • Stop making impulse purchases – When seniors see something they really like, they should walk away from the item for at least one day and ask themselves if they really need it.

Using these strategies to stop creating new debt will help empower seniors to better manage their debt.

 

Reduce Interest Rates

With the help of a trusted family member or other individual, seniors receiving in-home care should assess what interest rates they are paying for their credit. They may not realize how much money they are spending on interest alone. Here are a few ways to reduce interest rates:

  • Transfer credit card balances – For credit cards with a high interest rate, seniors should transfer the balance to a card with a lower interest rate or one that offers a zero percent rate for a specific number of months.
  • Refinance – Seniors should be able to refinance their high interest loans including their vehicle loan or their mortgage.

Seniors may be surprised to find how easy it can be to slash their debt by reducing interest rates.

 

Credit Counseling

Seniors who have tried to reduce their debt or don’t know how to go about it should contact a professional for help. They should not feel ashamed for having to do this and in the end it will feel like a huge weight has been lifted off their shoulders. Seniors will be happy to know there are many credit counseling agencies that can help them for free or at a low cost.

 

The staff at CareGivers Plus is available to talk with you and your family about all of your needs. CareGivers Plus provides quality and affordable senior care in Sharpsville, PA and the surrounding areas. Call 724-638-7110 for more information.

 

About Robert Devine

Robert Devine is Owner and Administrator at Caregivers Plus Home Health Care of Hermitage, PA.

Whether it’s conversation and company, or just eating a meal together, having someone to sit and visit with can help make for a happier, healthier life.

Caregivers Plus has been operating as a locally owned family-operated home care agency in Mercer County since 1994.
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