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5 Tips For Talking To Elderly Parents About Credit Card Debt

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For many of us, this day is coming. At some point, we’ll have to address the credit-card debt that our parents hold. Creditcards.com has a how-to piece, which offers some advice on how to approach the situation. Seniors, 65 and over, represent the fastest-growing group when it comes to rising debt. Better to tackle the conversation earlier rather than later, I say. From the story:For some senior citizens, credit card debt is a way of life that gets more difficult to handle as they get older. Julie Murphy Casserly of Chicago spent her whole life watching her parents struggle to pay the bills. By the time she was old enough to take a peek at their financial issues, they had $72,000 in consumer debt, including unpaid credit cards and old orthodontia bills. Even after Murphy Casserly, the author of ‘The Emotion Behind Money: Building Wealth From the Inside Out,’ helped her parents tap a home equity line of credit to pay off debt, bad health and poor money management skills soon created another mountain of debt in its place. ‘It was a chronic problem,’ she says.Many older people, even frugal ones, are simply unable to make ends meet on a pension or Social Security check, so they turn to plastic to pay for daily living expenses, like groceries and gas. Other seniors plunge into debt when their health takes a turn for the worse. A stroke, a heart attack or a bout with cancer can create thousands of dollars in medical bills, which elderly patients may be pressured to pay with a credit card.By the way, the kids might have something to do with elderly parents — and rising debt levels. I wrote a story last year about children moving back in with their parents. You can read that story here link.Read the rest of today’s story here link.

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5 Tips For Talking To Elderly Parents About Credit Card Debt

Array

For many of us, this day is coming. At some point, we’ll have to address the credit-card debt that our parents hold. Creditcards.com has a how-to piece, which offers some advice on how to approach the situation. Seniors, 65 and over, represent the fastest-growing group when it comes to rising debt. Better to tackle the conversation earlier rather than later, I say. From the story:For some senior citizens, credit card debt is a way of life that gets more difficult to handle as they get older. Julie Murphy Casserly of Chicago spent her whole life watching her parents struggle to pay the bills. By the time she was old enough to take a peek at their financial issues, they had $72,000 in consumer debt, including unpaid credit cards and old orthodontia bills. Even after Murphy Casserly, the author of ‘The Emotion Behind Money: Building Wealth From the Inside Out,’ helped her parents tap a home equity line of credit to pay off debt, bad health and poor money management skills soon created another mountain of debt in its place. ‘It was a chronic problem,’ she says.Many older people, even frugal ones, are simply unable to make ends meet on a pension or Social Security check, so they turn to plastic to pay for daily living expenses, like groceries and gas. Other seniors plunge into debt when their health takes a turn for the worse. A stroke, a heart attack or a bout with cancer can create thousands of dollars in medical bills, which elderly patients may be pressured to pay with a credit card.By the way, the kids might have something to do with elderly parents — and rising debt levels. I wrote a story last year about children moving back in with their parents. You can read that story here link.Read the rest of today’s story here link.

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