Brian and Sandra Parker had slogged all their life to form a small kitty so that they could enjoy their retired life. Thanks to the economic recession, they had to erode their life savings to save their home from a foreclosure, after which they had nothing much left for any of their retirement plans. Since Brian and Sandra always wanted to go on a Europe Tour, they decided to go ahead with their plans. They had social security and retirement benefits to fall back upon. Added to it, they had medical insurance and also pension. So they thought of taking the tour using their credit cards. After the holiday, both fell ill and Brian was diagnosed with prostrate cancer. Since their medical insurance did not cover the prostrate cancer, they had to spend from their own meagre income for the treatment and thereby ran into a huge credit card debt which they could not pay back. Additionally, they hid their financial condition from their two sons who were doing well for themselves in life. Their debt mounted so high that they were delinquent on their credit card payments and other bills as well. Most of their credit accounts were into collections. They finally turned to Freedom Debt Relief (FDR) which enrolled them into a settlement program. However, Brian did not survive and passed away shortly after the enrolment. Sandra too had a heart attack following her husband’s death. She too passed away within three months of Brian’s death. FDR then contacted their two sons and helped them deal with their parents’ debt issue.

Their children had been under the impression that their parents were well off and lived debt free lives. It was a great shock to find that their prudent parents who spent money wisely had run up such huge debts that they had to sell the house to cover the debts with hardly any left over as inheritance. This might be the situation of many old people. Had Brian and Sandra spoken to their children about their financial status and also about their wishes, may be their children would have helped. It might be prudent for everyone to talk about finances with one’s parents and family members. This might stand one in good stead in the long run. Added to this, in case one runs into any kind of debt that seems to impossible to settle, it might be better to talk to the creditor directly as the creditor might be willing to negotiate and one might save on the fees paid to a debt relief company.

It might be common to find many people in their old age or after retirement saying that they are not worried about the debts they incur as they are sure that they wouldn’t be around much longer to pay up. However what they might fail to understand is that they leave behind a financial muddle for their loved ones to come to terms with and solve. It might be easier if the retired took care about what kind of credit they avail so that when they are no longer around, their loved ones do not feel the burden with their debts in addition to their own. Some of the options to look at for one’s debt might be to take cards with rewards where the rewards dollars would directly get credited to pay off the principal balance on one’s mortgage or towards paying off the debt. Some of the cards that provide such a facility could be the Wells Fargo Home Rebate card, Edward Jones Personal Card or Fidelity\’s Retirement Rewards Card. It might be to the benefit of everyone in the family if the finances might be talked over and steps taken to reduce the debt in one’s old age rather than to incur debt after retirement.

Author Bio: Freedom Debt Relief

Category: Finances
Keywords: Freedom Debt Relief