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Debt management tips for senior citizens

Posted on June 16th, 2015 No Comments

It can be a complicated time when senior citizens begin approaching retirement, especially if you are saddled with large debts. Here are a few tips for those in this situation:

  • First, understand where your money is going. It is important that you understand your spending habits and make a budget that suits your everyday needs.
  • If you have several debts, you may want to consider paying the debt with the highest interest rate. You may also want to consolidate all your debts in order to more easily manage monthly payments.
  • Seeking professional help could help you better understand your situation and achieve a workable solution to managing debts.
  • You may want to look for other income-generating jobs or sell items you no longer use for additional income. However, make sure any government benefits you receive are not compromised by this.

Ryan J. Ruehle Attorney at Law, LLC, understands that many Cincinnati senior citizens are struggling with overwhelming debts. If you believe you are in such a situation, we may possibly offer you legal options to work toward a more secure future. Call our office today at (513) 621-0999 to find out how we may help you.

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