Credit card debt after retirement

Most retirees in Florida have long anticipated enjoying an active life in the sun after many years of work. Unfortunately, life circumstances often force seniors to use their credit cards to cover unexpected expenses. As a result, these retirees may find themselves strapped to excessive debt that they have difficulty paying off.

In some cases, a plan of action is all that is needed to reduce the debt and get it back under control. Experts often recommend that people with credit card debt work to pay off the highest interest cards first to get the amount owed under control. In situations where the debt is so excessive that the cardholder is missing payments, it may be possible to negotiate with creditors to remove charges as a good faith gesture and allow the debtor to catch up on payments.

Unfortunately, there are situations in which the debt may become unmanageable and the original creditor is unwilling or unable to help. In these situations, debtors may look for other types of debt relief as a way to stop creditor harassment, garnishments and levies. One option may be to look into filing for Chapter 13 bankruptcy, which allows the debtor to keep his or her assets while establishing a court-approved repayment plan. For retirees who have a steady income stream, or who are perhaps employed part-time, this may be a good option for protecting assets while also paying off obligations.

Bankruptcy isn’t always for everyone, and retirees may have special needs that might be better met with other strategies. Seniors may benefit from speaking with a bankruptcy lawyer who can review their case and make recommendations that can help them get back on track and enjoying retirement.