What Types of Options are Available for Debt Consolidation in Florida?
Contributed by Melanie Vannuys
Debt Consolidation Options For The Elderly In Florida...
Debt consolidation in Florida is really no different than any other state. However, a large number of the Floridian population is adults over the age of 65. Many of these folks live on Social Security. However, there is an alarming number of seniors who are filing for bankruptcy and jeopardizing their retirement.
With the present day economy, the stock market has caused sluggish returns on their CDs, bank accounts and stock investments. This has resulted in more and more seniors turning to credit cards for financing medical bills, prescriptions and of course their vacations.
Most people don't envision their golden years tarnished by massive credit card debt. Unfortunately, however, bankruptcy experts say that as the population ages, the problems with debt are only going to get worse. Unlike their parents, seniors today are more likely to use credit cards to make up for the decline in their savings and investments.
According to SRI Consulting Business Intelligence, the household debt for seniors aged 65 and older has gone up 164%,on average, to a whopping $20,302 in 2000.
These older Americans though, aren't necessarily spending money they don't have just for the fun of it. Medical emergencies, home repairs, loans to children and grandchildren all pay a part to this climbing debt amount.
While seniors only account for a small number of bankrupt Americans, they are the fastest growing group filing for bankruptcy.
Is Debt Consolidation Even An Option for The Elderly In Florida?
By the time Americans reach the age of 65, the last thing they want to consider is debt consolidation, whether they've retired to Florida, or they're freezing in Ohio. This could be the reason for the sky rocketing numbers of seniors in bankruptcy.
