Many people struggle with choosing when to retire. For Maryland residents, the decision can be difficult for many reasons. Any previous debt accrued can be challenging to manage, especially on a fixed income. Credit card debt can play a significant part in preventing a person from retiring. For quite a few people in this situation, it may be wise to consider filing for consumer bankruptcy.
Many people turn to credit cards during times of financial struggle. A lot of companies offer low interest rates at first, but failure to pay the bill by every due date can have catastrophic results. High interest rates can result in monthly payments that only cover interest. This can prove especially difficult for someone with limited financial resources. A sudden spike in monthly bills can put a serious strain on a person in this situation.
High monthly payments to credit card companies may not be the only financial burden a retiree with which has to deal. Many people at this stage in life also have high medical bills, and these two combined can account for a large portion of a person’s monthly income. Many people struggle to get by with such a large portion of their retirement being allocated to monthly payments.
It can prove difficult to be prepared for every change in life. Many people in Maryland choose to save up for retirement, but unexpected expenses can put a strain on financial situations. In the event that medical expenses and credit card debt become overwhelming, it may be beneficial to speak with an attorney for advice on filing for consumer bankruptcy.
Source: asianjournal.com, “Bankruptcy options for senior citizens”, Andrew Paranal, Jan. 28, 2017