How can seniors improve their debt management?
Do you have poor credit score? If the answer is resounding yes, you need to find a way the get out of the debt. It might seem that there goes on a lot of struggle to eliminate yourselves from the debt. You may also struggle with interest rate problems, which can further compound your debt problems.
Increased interest rates will augment your monthly payments and decrease your credit score. Break this vicious cycle by adopting a good debt management plan
. As every month passes by, your debt management strategy progresses, you’ll be able to enjoy better future.
Here are some tips on how can you improve your debt management
People juggling with high interest credit cards are recommended to use equity in their homes. Howard Dvorkin, president and founder of Consolidated Credit Counseling Services in Fort Lauderdale, Fla remarked it seems obscure when they see seniors use refinancing options for their home at a later stage. Noone, likes to make mortgage payments at the age of 75.
One more viable option is reverse mortgage, where home equity gets converted into cash. The amount received on the monthly basis can be used as and when the need arises. The major advantage is the money received through reverse mortgage need not to be paid back-till the time owner continues to live in that house. For cash strapped seniors, it acts as a regular stream of income. The amount of loan depends upon