Healthcare costs are among the most significant financial concerns for senior citizens. When Mississippi seniors retire, they typically lose their employer-sponsored health insurance and depend on Medicare to cover healthcare costs. Although Medicare covers many of the medical expenses seniors face, it also includes deductibles for inpatient care and coinsurance for outpatient treatment. Fortunately, there are some things seniors can do to minimize their out-of-pocket costs and avoid excessive medical debt.
Inadequate estate planning can be corrected
A surprising number of American don't have financial or health plans in place to deal with end-of-life matters. Without the right documents or financial provisions, seniors can be subject to unfortunate, yet avoidable, conditions. One in five Americans over the age of 65 is subject to financial abuse for this reason, but few people think they are vulnerable. The good news is that estate planning mistakes can be fixed.
Understanding the ramifications of Chapter 7 bankruptcy
Filing for bankruptcy is not a decision that those in Mississippi or anywhere else in the country can take lightly. While many debts could be eliminated in a Chapter 7 filing, it could also result in a person's credit score dropping by about 200 points. This may make it harder to borrow money, and lenders who are willing to work with a person after bankruptcy will likely charge high interest rates.
Credit repair strategies after filing for bankruptcy
People in Mississippi with bankruptcies on their records naturally await the day when their credit reports no longer show their defaults. The Fair Credit Reporting Act allows credit bureaus to report bankruptcies for up to 10 years from the date of filing. Until then, former debtors can take steps to improve their credit ratings and potentially remove bankruptcies from their records.
4 tips for preparing for bankruptcy
If you are accumulating too much debt, you may think about filing for bankruptcy. While it may sound intimidating to go bankrupt, it may be a good option for you. It can help you get free from crippling debts and start over.
Different ways to obtain debt relief
Up to 80 percent of Americans living in Mississippi and throughout the country have some form of debt. However, for some, that debt may become too large to manage in an effective manner. To start the process of lowering credit card and other balances, it is important to understand the different options available to achieve that goal. One such option is to apply for a personal loan.
3 common causes of debt struggles
Debt is something that almost everyone experiences at one point or another. According to Goldman Sachs, the average amount of credit card debt is $5,700 for families. It is such a prevalent issue that you may feel like having debt problems is normal, or you simply ignore it.
