Not exact matches
Marion found out that even if he couldn't afford to repay all of the
debts in full right away, he might not have to suffer poor credit for years while the collections
aged off his report (seven years and 180 days
past the date of delinquency).
With
debt settlement, depending on the
age of the credit account and the debtor's financial ability,
past - due and delinquent
debt can be reduced by more than half.
Peter finally came to the realization that he would have to continue to work long
past a comfortable retirement
age just to stay ahead of the interest on the
debt and once retired, his pension income would not be sufficient to sustain his living expenses and pay off the
debt.
Allianz's study also found that their high average credit card
debt is affecting the future of Gen X. Fifty percent of study respondents in this
age bracket say that they won't start saving for retirement until their credit card
debt is a thing a
past.
For instance, unlike in the
past when many who were over
age 65 had their home mortgage paid off and no other large
debt obligations, today — due in part to the fact that people are living much longer — it is not uncommon for someone who is a senior to still have a large amount of mortgage
debt, car loan (s), and / or credit card
debt.