Seniors in debt Canada: Introduction

A boosting variety of seniors in debt Canada are lugging financial obligations to the tomb. No pension, unanticipated expenses, or even grown-up children living in your home are all part of an economic problem bearing down our seniors.

Seniors in debt Canada: Grey and broke

For several senior citizens, there’s absolutely nothing gold about their retired life. In early August, professionals from around the globe collected at Carleton University in Ottawa for a senior citizens‘ financial debt meeting to take a difficult view at a delicate problem. The title of the seminar was, “Carrying Debt to the Grave?”

“I’m one of those seniors in debt,” she openly admits, “It was because of my wish to help my children, get them launched.” 77-year-old Nyla Staulus says attending the seminar. The debt of the senior in the hopes of knowing how she can manage her expanding financial obligations. “I try not to let it worry me because it’s useless to worry. If I’m not doing anything about it, it’s useless to worry,” she says.

Seniors in debt Canada: Seniors requiring debt relief

It is uneasy. Data from Jane Rooney with the Financial Consumer Agency of Canada states:

• 19% of senior citizens still have home mortgages to repay;
• 15% have significant credit card financial obligations; and
• 18% of all individual insolvencies were people in between the ages of 60 as well as 64.

Laura Watts was just one of the speakers at the meeting. She is with the University of British Columbia’s Canadian Centre for Elder Law, “We are seeing boomers retiring with debt and not little bits of debt, significant debt” she states, “People owe $1.6 dollars for every single dollar they have in Canada. The issue is when you’re an older individual, you cannot make that back.”

Seniors in debt Canada: Seniors retiring in debt

In the United States, the situation is surprising. Deborah Thorne researches personal bankruptcy at the University of Idaho. She, as well, talked at the meeting, “In the United States, there has been a fivefold increase in seniors over 65 filing for bankruptcy” she states. She also states there are several factors, consisting of the collapse of the defined benefit pension as well as social safeguards leading to seniors going bankrupt.

“It’s expensive to age,” she says, “We were talking about the increase in dementia, housing and limited fixed incomes. In the States there is also especially health care costs. It’s dysfunctional and unmanageable.”

It’s a global dilemma which is just what has actually brought the cumulative minds with each other at Carleton University for this seniors’ financial debt meeting. Saul Schwartz with Carleton’s School of Public Policy and Administration was the mediator. “Older people not to need to be ashamed,” he states. “Most people are reluctant to discuss financial problems and they need to know this can happen to anyone and that they should seek out whatever help they can find in Canada.”

Seniors in debt Canada: Seniors requiring debt relief

“What we need people to do is adjust spending habits, put aside a small amount of money so you have 4 to 6 months to pay mortgages or expenses during a crisis” states Jane Rooney.

The point is most Ontarians do not have any type of kind of emergency financial savings. They have no method to deal with an unforeseen expenditure other than by taking on even more financial obligations.

Seniors in debt Canada: Seniors swimming in debt

A brand-new Ipsos Survey reveals that just:

• 34% of people might economically manage a divorce;
• 35% might tackle unanticipated auto repair costs or a purchase; and
• just 31% can manage to take 3 months off job as a result of a health problem.

“Probably not,” says one young man in Ottawa’s Byward Market today, “most of my money goes towards rent, tuition, stuff like that.” “Probably I would do the same,” another man adds, “because life is so hard.”

We understand that practices we find out as young people, we lug right into our old age. That’s why the professionals at the seminar claim beginning when your youngsters are young, instruct them on saving for their future while they can.

Seniors in debt Canada: Are you one of the Canadian seniors in debt?

Take action before you find yourself in the throes of a financial crisis. Ira Smith Trustee & Receiver Inc. has helped many Canadian companies and people throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. Don’t delay. Give us a call today. Financial problems can be solved with immediate action and the right plan.