West Palm Beach Bankruptcy Lawyer

Debt for Seniors

Amid sharply rising health care costs and proposed cuts to government programs like Social Security, today’s senior citizens are under enormous financial pressure. As a result, credit card debt among seniors has risen dramatically, and experts say that the elderly are among the fastest growing group of individuals filing for bankruptcy. What can a senior do to regain control of their finances?

Take Advantage of Assistance Programs

Although the economic downturn has the potential to affect government aid programs, assistance is still available for those who know where to look. For example, the U.S. Department of Energy offers financial assistance with heating and cooling costs, as do some local electricity companies. Likewise, telephone companies and other utilities firms offer similar discounts for the elderly.

Reign in Medical Expenses

For those who qualify, Medicaid may be a good option for seniors in need of health care assistance. Check with your local Medicaid office for more information. When it comes to prescription drug costs, do some research to determine if the drug maker offers a free or reduced-cost program for seniors. Check with your doctor to find out if a generic version is available for the drugs you take on a regular basis.

Limit Credit Card Use

Limiting the use of credit cards is always a good method for controlling debt. However, for some seniors, credit cards are an essential lifeline. If you must pay with credit, be sure to look for cards with low interest rates and fees.

Contact Us

If your financial situation is getting out of control, it is important that you get advice from a qualified bankruptcy expert. Contact the West Palm Beach bankruptcy attorney of Eric N. Klein & Associates, P.A. at 516-353-2800 for more information.