Texas seniors who are in debt are part of significant portion of the country's older population. According to a report by financial education site MagnifyMoney, one-third of Americans over the age of 50 have non-mortgage debt that they carry from month to month. In addition to that, credit card debt for older people tends to go hand-in-hand with lower net worth and low bank account balances.
If you and your spouse are considering bankruptcy, you are probably concerned about the consequences. You have the option of filing jointly or separately, and you do not want to make the wrong decision.
Many Texas families are overwhelmed with tasks and concerns as well as grief after the death of a loved one. Not only do they need to emotionally process the loss, there are a number of practical arrangements that must be immediately addressed. Some of those include financial matters and the resolution of an estate, even if the decedent had very limited assets.
Texans who are considering debt consolidation might not know that it is not the only way to solve debt problems. One man who turned to debt consolidation to deal with his money issues found that while it was effective in many ways, it did not solve the problem completely. A credit counselor commenting on his case noted that debt consolidation is more like a bandage than a cure for financial issues, and cutting spending is the way to address the real problem.
Texas residents may have heard that student loan debts cannot be discharged. However, there are some unusual circumstances in which this may be possible. For example, if a school closes while a student is enrolled or within 120 days of the student leaving the school, the student loans may be discharged. Another unusual situation is if the college is found to have violated state laws. It is necessary to prove that the violation was related to the student's education or loans such as taking out loans based on deceptive information.
Texas residents who are struggling with credit card debt but still have good credit might consider a no-interest balance transfer credit card to consolidate their debt. Another consideration might be getting a personal loan if the interest rates are lower. They could also apply for a home equity loan or line of credit.
Being in debt is an incredibly stressful situation. You can be worried about losing your home, having your utilities shut off and being in debt forever. On top of this, you may also be struggling with job loss or difficulty finding a job, medical care and other situations that often contribute to debt.