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Credit Card Horrors For Senior Citizens

By Carmen Dellutri, Southwest Florida Bankruptcy Atto

As a consumer bankruptcy attorney I get to see trends coming before they become mainstream.  Living in Southwest Florida, I get to deal with people from all walks of life.  The generation that I find the most interesting is senior citizens.  They face other demons besides financial ones.  One recent trend that I see in senior citizens seeking bankruptcy assistance is the increasing credit card debt loads.

The story is always the same, and I know that this is not going to make me a very popular guy, but it is the reality of the economic situation facing Southwest Florida.  Seniors are turning to their credit cards for two (2) reasons:  First, medical expenses;  second, bailing out their children.There I said it.  I know my statement won’t win me any friends but it’s the reality of what is going on.  Medical expenses are out of control for many people, and I will not turn this blog into a political tirade.  When Americans have to go to Canada to purchase their prescriptions, we have a problem.  I speak with at least one couple a week that tells me they don’t purchase their medication because they cannot afford it.  I don’t ask that question, this is volunteered by the individuals.  I wonder how many more have the same problem.  Maybe they need the medication and maybe they don’t, that is not my issue.  The fact is, if they need the medication and they cannot afford it, that is a problem.  This is a problem.

Let’s face it, times are tough in Southwest Florida right now, and many people are not working.  So, if you are having problems making ends meet, you should take all the necessary steps to increase the inflow of cash and decrease the outflow of cash.  However, I see another trend evolving.  I see families asking the parents or in-laws for financial assistance instead of the kids decreasing the outflow.

I guess it is easier to ask Mom and Dad for a loan than to figure out the inflow/outflow problem.  It cures the immediate problems, and it gives the borrower time to breathe, but ultimately, they will have toface the music.  Mom and Dad very rarely say No, so why not ask them to help out a little.  The thing that burns me up is when Mom and Dad are asked to help pay a mortgage that is hopelessly underwater, and there are no end to the excuses given for the need to save the home.

These two scenarios are played out all over the United States, day in and day out.  Many people think that they are alone in their financial misery, but they aren’t alone at all.  So, when times get tough, we turn to the credit cards and solve the problems and keep peace and harmony in the house or the family or we do without the necessary medication or medical attention that we need.

It’s time we really sit back and look at what is happening to our senior citizens.  They helped build this country.

This blog was written by Carmen Dellutri

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Full post as published by Bankruptcy Law Network on December 29, 2010 (boomark / email).