stress of carrying debt Archives - Ira SmithTrustee & Receiver Inc.

SENIORS DEBT RELIEF CANADA: STRESS FREE THROUGH SENIORS DEBT RELIEF CANADA

The topic of seniors debt relief Canada has been described in the media frequently over the last year. Last week we published our blog THE MODERN RULES OF SENIORS CARRYING DEBT. Before that we’ve done a series of blogs about seniors in debt:

Many Canadian seniors are struggling financially in what should have been a carefree retirement. They desperately need seniors debt relief Canada.

However, the problem with seniors carrying indebtedness into retirement is not going away. In fact, seniors have now become so accustomed to living this way that they are using it to finance their lifestyles instead of downsizing or cutting back on expenses.

The full story has not yet played out. Given that retirees and working seniors are less likely to be taking steps to accelerate their liabilities repayment, the stress on them will get worse.

The number of seniors in this situation is not only in low rate mortgages right now but is also increasing in other credit categories, such as auto loans, bank loans, lines of credit and credit cards.

This can be a recipe for disaster if interest rates rise. Where is the extra income going to come from? If you’re one of these seniors or anyone else who is relying on credit to support their lifestyle, give the Ira Smith Trustee & Receiver Inc. Team a call before interest rates rise and while you still have options. With immediate action and the right plan, we can solve your financial problems and set you on a path to a debt free and stress-free living Starting Over, Starting Now.

seniors debt relief canada — Seniors debt relief Canada – Picture courtesy of The Globe & Mail

Seniors carrying debt becomes the norm

Many Canadian seniors are struggling financially in what should have been a carefree retirement. We’ve done a series of blogs about seniors in debt:

Seniors carrying debt is not going away

However, this problem is not going away. In fact, seniors have now become so accustomed to living with debt that they are using it to finance their lifestyles instead of downsizing or cutting back on expenses. For the time being, seniors are not feeling the stress of carrying debt. Given that retirees and working seniors carrying debt are less likely to be taking steps to accelerate their debt repayment, the problem may very well get worse.

Seniors carrying debt not bothered by it

According to a survey conducted by Equifax for HomEquity Bank:

A number of Canadians over 75 are still dealing with a mortgage and their numbers are rising
11.3 million Canadians 55 or older have some sort of debt. Of that figure, about 1.87 million are carrying a mortgage which is up 20% in two years
Outstanding mortgage balances are up for every segment of seniors, which for the purposes of the survey was anyone over the age of 55
In the 75-and-over category, the average senior with a mortgage had $133,944 outstanding, up 11% from two years ago
The number of seniors carrying debt is also increasing in other credit categories, such as auto loans, bank loans, lines of credit and credit card debt

Yvonne Ziomecki, senior vice-president of marketing and sales of HomEquity Bank states, “A lot of people I talk to, they just don’t really care. This is how they manage their finances and they are perfectly comfortable with it”.

Seniors carrying debt need to take action now

This can be a recipe for disaster if interest rates rise. Where is the extra income going to come from? If you’re one of the seniors carrying debt, or anyone else who is relying on credit to support their lifestyle, give the Ira Smith Trustee & Receiver Inc. Team a call before interest rates rise and while you still have options. With immediate action and the right plan we can solve your financial problems and set you on a path to debt free and stress free living Starting Over, Starting Now.