When young adults here in Florida and elsewhere across the country make financial mistakes, they have time to fix them prior to retirement. However, the older they get, the more difficult it may be to recover. Young people are no longer the only ones who incur high amounts of credit card debt anymore.
For instance, a woman who started over at age 42 after a divorce and found a way to afford their dream house with her new husband. The house needed work, however, but they were not concerned at first because offers for credit cards kept coming in and bailing them out of trouble. At least, that was how it was at first.
Before they knew it, they amassed approximately $85,000 in credit card debt and were no longer able to make even the minimum payments. They had to sell their home for less than it was worth and downsize. This California couple’s story is one that can easily be retold across the country, including for many older couples here in Florida. What to do about the financial burdens depends on a family’s situation.
For some older Florida residents, credit card debt has reached a point where they are unable to make payments and other bills are also difficult to pay. It may be possible to consolidate the debt or otherwise reduce the payments, but that may not be possible in all cases. Filing for bankruptcy is always an option when debts become overwhelming. A bankruptcy can give any individual a new start financially.
Source: CNBC, “Live and Learn: Deep debt late in life“, Kelley Holland, Nov. 24, 2015