144 – Seniors and Debt: More Trouble Ahead?

The number of seniors filing insolvency is growing. Many seniors have the honest intention of paying back whatever debt they accumulate. That would be great, except they're using new debt to pay for it.

We've recently written about seniors increasingly turning to payday loans, which is one of the most expensive forms of lending. High interest rates paired with a fixed income aren't a good combination for anyone. The challenge that seniors are seeing is not that they are incapable of living off of their savings and pension payments.

Why are insolvency rates for seniors increasing?

What can seniors do to avoid insolvency?

Those questions and more answered on today's edition of Debt Free in 30.