1. Debt Relief for Seniors

2. Your golden years should be a time for relaxation and
rest from a lifetime of work. But if you retire with too
much debt, it can be stressful.

3. A growing number of seniors
are dealing with debt. Over
the past twenty years, their
rate of insolvencies has
increased 174%.

4. 3 Possible Reasons:
#1 - Seniors are retiring with
more debt. Their average
debt load in 2012 was
$61,700

5. #2 – Incomes decrease
dramatically after retirement. A
senior’s average take-home
income is $32,000, making it
difficult to keep up with debt and
living expenses.

6. #3 – Credit card debts are
increasing. 21% of seniors carry
an average of $5,200 in credit
card debt.

7. You can talk to a
professional. A
bankruptcy trustee can
help you develop a plan
to help you budget your
funds and pay off your
debt, or suggest other
options.
Help is Available:

8. You can also consider downsizing. If you have a mortgage,
but considerable equity, consider selling your home and
using the equity to buy a smaller home. If you have two
cars, sell one and use the money to pay off your debts.

9. You can refinance a
mortgage or car loan to a
lower, more affordable rate.
This will free up cash and
save money on interest.

10. If debt is robbing you during your golden years, contact
LCTaylor today. Our team of licensed financial
professionals will help you find a solution that is right
for you.

11. In Manitoba or Ontario visit
LCTaylor.com.
Trustees are available to answer your questions at our
Winnipeg and Kenora locations.
Call us now to schedule your free consultation.