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What Options Are There For Seniors In Debt?

One of the things that we are seeing more and more of at our Grant Thornton Limited offices in Fort Frances, Dryden and Thunder Bay is senior citizens with debt troubles. Unfortunately, during a time in their lives at which people had envisioned themselves enjoying the peace and relaxation of their golden years, many seniors are instead dealing with calls from creditors that just won’t stop.

And it’s not just us noticing this trend either. Recent articles in newspapers like The Globe and Mail and the National Post are confirming this fact as well. The debt burden of Canadians over 65 years of age is increasing at a faster rate than any other age group, according to these reports. It has been theorized that the reason for this is that seniors’ pensions aren’t sufficient to live the lifestyle that they had envisioned for themselves at that age, so some are turning to credit cards and other forms of debt in order to make ends meet.  Of course, this can only last for so long before it becomes unsustainable. Other theories are that people are living longer, sometimes to the point where they outlive their retirement savings, or that seniors can be more prone to medical issues that can lead to unforeseen costs. Whatever the cause of the financial difficulties, there is a reasonable chance that a government-licensed trustee in bankruptcy can help you to get out of them, either through a consumer proposal or a bankruptcy (if necessary).

Nobody envisions a retirement full of credit card bills and collection calls. Unfortunately though, it can happen. The good news is that Grant Thornton may be able to help you to deal with your debt in a manner that takes the stress away and allows you to enjoy life again. Give us a call at 310-8888 (toll free from anywhere in Northwestern Ontario) for a free, no-obligation consultation to explore your options.