Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free
888-542-1300

How older Ohio residents can deal with debt

According to the Federal Reserve in New York, two million Americans over the age of 60 have an outstanding student loan balance. Overall, the amount of student loan debt owed by those over 60 is $43 billion. This is up from just $5 billion in 2005. Statistics from a study done by Experian reveals that baby boomers also have the highest average number of credit cards and credit card debt.

Experts say that those who are trying to retire while also trying to pay down debt may benefit from talking to a financial adviser. Some options to deal with any outstanding debt may be to extend the length of time allowed to pay the debt or to consolidate multiple loans. However, creating a plan to eliminate debt will depend on the type of debt that an individual has.

When dealing with student loan debt that was used to help a child go to school, it may be worthwhile to ask that child to assume the debt if possible. When dealing with a mortgage debt, it may be worthwhile to do a long-term projection to see if paying off that mortgage now is better than paying it down each month. While there may be financial reasons to pay off a home loan, the mortgage interest tax deduction may be helpful as well.

Understanding how to deal with debt may make it easier to get rid of in an orderly fashion. Paying down student loans, mortgages or credit card debts may allow more money to be used in retirement to pay for wants as well as needs. Speaking with an attorney may help older Americans determine if discharging current debt may be a useful strategy to improve their financial situation as they near retirement.

Source: FOX Business, "Boomer Retirees Need a Hand Paying Down Debt", Casey Dowd, October 09, 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions