In a Journal de Montréal article published on May 5th, Éric Lebel, Partner and Licensed Insolvent Trustee, analyzed the situation of a 79 year old divorced man with a gambling problem, low income, seven credit cards and over $30,000 in debt!
“Because of his low income, he’ll never be able to repay his credit card debt. Bankruptcy may be the only viable option. It’s a last resort, but in the circumstances, he should seriously consider this alternative in order to recover his financial health,” Lebel stated.
Over 40% of insolvency cases involve people 50 years of age and over
Lebel went on to say, “When people retire, they don’t change their spending habits and use their credit card to compensate. Over time, their debt increases and their situation becomes unmanageable.”
For more information, go to the May 5th article in the Journal de Montréal.
Five Tips to Help Seniors Reduce Their Debt
If you’d like to learn more about indebtedness over the age of 50, you can also listen to Éric Lebel’s interesting article on Salut Bonjour from May 12th, where he draws a portrait of over-indebtedness in this population segment and gives five debt reduction tips.
13 Jun 2017 | Written by :