The AARP recommends credit counseling / debt consolidation services to senior citizens as alternatives to bankruptcy.
The most important advice for seeking out such services is to find a reputable firm. Some great firms even specialize in working with seniors. Check with the Better Business Bureau (http://www.bbbonline.org) to make sure that a company of interest does not have an inordinate number of complaints filed against it.
We recommend that senior citizens observe the following advice when using a debt management company:
- Look for a company that falls under the jurisdiction of some higher, regulatory body. Many states in the U.S. regulate debt management services, but if yours does not, it is especially important to look up companies with the Better Business Bureau.
- Make sure that your credit counselor is certified through the National Foundation for Credit Counseling, or the Association for Financial Counseling and Planning.
- Confirm that your sessions are 100 % confidential, and have this guarantee in writing.
DIY debt consolidation: 3 secrets for success
You're sinking fast in credit card debt, and there's not a life preserver in sight. Loans and balance transfer offers involve applying for more credit. Follow these tips for rescuing yourself from the dangers of excess debt.
Reducing debt or building savings?Even if you are following a debt reduction plan, it is important to try and build emergency savings.
When debt help is not enough: 3 reasons for filing bankruptcySituations can arise that make paying your bills impossible, or that render you ineligible for participating in debt relief efforts such as credit counseling. When you're enduring any of these circumstances, consulting a bankruptcy attorney can provide information about your rights and the consequences of filing bankruptcy.
Personal spending rises as income slipsPersonal income declined in August, but personal consumption expenditures rose, according to the Bureau of Economic Analysis.
3 reasons for consolidating credit card debtAre you paying more than one credit card bill each month? Have you overlooked a bill and incurred penalty interest rates or late charges? Consider credit card debt consolidation for simplifying debt management chores.
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