Debt relief for seniors
Retirement income doesn't always keep up with credit card balances, medical bills, and rising costs. Here's what older adults should know about their options, their protections, and how to get help safely.
Total of credit cards, personal loans and medical bills.
Estimated savingsvs. paying only the minimum*
$54,387
Prefer to talk? (877) 800-0292
Free, no obligation, and checking won't affect your credit score. *An estimate, not a quote. Assumptions
What debt relief options are available for seniors?
Seniors can use the same options as anyone else: debt settlement, a nonprofit debt management plan, consolidation, or bankruptcy. Social Security and many other federal benefits are generally protected from garnishment by private creditors, which affects which option makes sense. A free evaluation can compare options against your fixed income.
- Options designed around a fixed retirement income
- Plain-English answers about what creditors can and can't take
- Free, no-pressure evaluation
Why debt is harder to manage in retirement
Many older adults are carrying more debt into retirement than past generations did.
Fixed income
Social Security and pensions don't grow when interest charges do, so minimum payments can take years to make progress.
Medical and care costs
Out-of-pocket health costs, prescriptions, and caregiving can push everyday spending onto credit cards.
Helping family
Co-signing loans or covering bills for children and grandchildren can leave seniors holding debt that isn't theirs.
Targeted by scams
Older adults are frequent targets of fake debt relief and government benefit scams.
How debt relief can help in retirement
A budget around your real income
We start with your monthly benefits and essential costs, so any plan fits what you actually receive.
One monthly payment
Replace several card payments with a single plan you can track, with no surprises.
Honest advice on protected income
If your income is protected and you have few assets, paying a program may not be your best move. We'll tell you.
Family welcome
You're welcome to include a trusted family member on calls and in decisions.
Protections every senior should know
- Social Security and many other federal benefits are generally protected from garnishment by private creditors, and banks must protect up to two months of directly deposited federal benefits. Federal debts like taxes and some student loans are exceptions.
- In general, your debts don't pass to your children. They're paid from your estate, and family members are only responsible if they co-signed or held a joint account.
- Be cautious of anyone who calls you first, pressures you, or asks for payment before settling a debt.
- Be careful about using home equity or retirement savings to pay unsecured debt. Talk it through with someone you trust first.
Common questions
Can creditors take my Social Security for credit card debt?
Generally no. Social Security benefits are protected from garnishment by private creditors such as credit card companies. Federal debts, like back taxes or some federal student loans, and child support are exceptions.
Will my children inherit my credit card debt?
Generally no. Debts are paid from your estate. Family members aren't personally responsible unless they co-signed, held a joint account, or a specific state law applies.
Is debt settlement a good idea for retirees?
It can be for retirees with significant unsecured debt and some income to fund a program. If your income is mostly protected benefits and you have few assets, compare other options first.
See what you could save.
Two minutes, six questions, no obligation. Checking your options won’t affect your credit score.