Seniors Debt, How things shape up for Canada. Seniors debt in Canada is on the rise. In a recent report from Industry Canada and the Superintendent of Bankruptcy, senior’s bankruptcy rates have quadrupled from 4.6 percent to 20.6 percent.
Senior Debt or a Senior Note is money owed by a company that has first claims on a company’s cash flows. It is more secure than any other debt such as subordinated debt (also known as junior debt) because senior debt is usually collateralized by assets. This means the lender is granted a first lien claim
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For Seniors, Rising Credit Card Debt Squeezes Tight. Now a retiree, she finds herself back in Denver with more than $20,000 in credit card bills, mostly from medical debt, and fending off debt collectors. If you’re a senior struggling with credit card debt like Green, you’re not alone. In 2012, for the first time,
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While your equity (assuming full market value, not including fees or interest) amounts to $87K, you may or may not qualify for another equity loan it would only shuffle debt, not really pay it since you are talking about $80k in unsecured debt.
Financial freedom at 55 appears to be a vanishing dream as Canadians carry bigger debt loads later in life and seniors continue to be the group most likely to be delinquent on their mortgages,
Overall, the proposed rule seemed to strike a good balance between collection industry and consumer concerns, said Leah Dempsey, vice president and senior counsel for federal affairs at ACA.
With the rate of Canadian seniors in debt continuing to increase, it appears that retirement is turning from a time to relax to a time of stress.While there are a variety of reasons seniors are becoming increasingly indebted, there are a few notable causes we see come up time and time again.
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Most states have a law that helps to protect elderly debtors from losing their most cherished possessions. Utah doesn’t. A BYU grad who helps seniors deal with debt collectors wants to know why.
Seniors often find themselves in need of personal debt help because they cannot deal with the financial demands of aging.With only a retirement income, rising health care costs and the expense of longterm housing, many senior citizens turn to lenders for help.