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Helping family may put older individuals in need of debt relief

When a loved one is in need, many relatives will jump in and try to help in any way they can. In some cases, if a person needs money, a family member will offer a loan or simply give the individual the funds. While this act may seem noble, it could end up causing older Louisiana residents to need debt relief.

Because older people are often on a fixed income, it can be easier for their financial situations to spiral out of control. In the example of a loved one needing financial help, an older person may try to help even if he or she does not necessarily have the funds to do so. As a result, the helpful party could end up accumulating considerable debt in attempts to make up for that loan or gift.

Other parties may also simply not realize that they have used more money than they thought. For instance, one woman had starting gambling and making purchases without keeping track of her spending. As a result, she unexpectedly realized that she did not have any money when she was unable to pay her bills. She then turned to credit cards and ended up with a substantial amount of debt.

These situations could happen to anyone. Louisiana residents with the best of intentions could easily cause themselves unexpected hardships. Fortunately, even older individuals have debt relief options, and those who are struggling financially may want to find out more information on bankruptcy and other relief methods. Consulting with legal professionals could better ensure that concerned individuals obtain reliable knowledge.

Source: post-gazette.com, "Older people increasingly loaded down with personal debt", Tim Grant, April 4, 2018

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