Most people that write about debt and seniors want to provide accurate information. Sadly, many do not. Some articles on the internet do more harm than good. A good example is an April 4, 2022 article on the website Care.com, “Debt forgiveness for seniors: 5 strategies to consider.” The article starts fine, laying out the …
The Better Business Bureau (BBB) was founded over one hundred years ago. It served a valuable function when it was challenging to learn about different businesses and whether they were legitimate. The BBB is not affiliated with the government whatsoever. Instead, BBB is a private enterprise with over a hundred locally-owned franchises. Here is a …
Almost half of seniors have incomes within 200% of the poverty line. They are classified as economically vulnerable and retire owing more debt than ever before. It is natural then that seniors with financial problems would search for someone to help them. Before the internet, communities had a local Consumer Credit Counseling Agency that would …
One of the most common scams out there is the lawsuit threat scam. A person calls who identifies themselves as a debt collector. Then, they aggressively threaten a lawsuit for a supposed debt. While anyone could be a victim of this scam, these scammers prey particularly on seniors. Here is a video where I spoke …
Credit Unions have a very loyal customer base. They are not-for-profit and owned by their members. As a result, they often offer lower interest rates. But there are some important differences between credit unions and banks regarding lending money. The Horrible Cross Collateralization Agreement Credit unions incorporate a “cross-collateralization agreement” in all loans except mortgages. …
Most seniors don’t know that federal and state laws protect their Social Security, almost all pensions, 401k, IRA, disability, and VA benefits from debt collectors. Those forms of income can’t be garnished or taken from them. This money is available for their needs, like food, medicine, and housing. If they are sued, there are laws …
Persons with lower income who owe income taxes can often qualify for “Currently Not Collectible” (CNC) status and not be required to pay their past due IRS taxes. Therefore, it is not that difficult to obtain CNC status if you are in the lower-income bracket. Income Requirements You can qualify if your income is within …
I just saw a Houston Texas TV story about Suzanne Black, an elderly 70 years old woman involved with a nonprofit debt management company, Money Management International. She paid $63,000 over the last five years with their help to get out of debt. While this may sound all fine and good on the surface, I …
Many seniors do their banking with a credit union. They like the personal attention a credit union provides, and they might like that they are a “member” of the credit union. Sometimes the fees are less at a credit union. For the most part, credit unions do a good job. However, there is one area …
By Eric Olsen, Attorney and Executive Director HELPS Nonprofit Law Firm Many seniors with credit card debt can’t afford to search for solutions. They see an ad on TV or search the internet and turn to a debt relief company for help. There are scores of these companies with fancy websites, BBB, and A+ ratings …