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Elderly debt is infinitely more distressing than any other kind. Why? Why should insolvency and financial difficulty in later life be any more distressing than in early life?
The emotions that rise to the surface when debt becomes unmanageable are certainly difficult to deal with for people of any age. For elderly baby boomers, however, the daunting task of dealing with a mountain of unmanageable bills on a fixed income can have a smothering effect and result in all kinds of psychological problems.
As people get older, they experience all over again the loss of confidence a child might feel when trying to tackle problems for which they are ill equipped. Facing debt at thirty five is quite different to facing it at sixty five. When we are younger and fitter, we are able to take on an extra job to handle a shortfall in monthly income and although the prospect is not exactly attractive, at least it is an option. Psychological articles point out that for the elderly, there are no such choices available.
Apart from the inability to handle extra work to generate funds due to a general lack of stamina, there are other factors such as tax to take into consideration. Taking extra work might often mean parting with benefits that are impossible to retrieve once the crisis is past and the person might even find that they are unable for health reasons to perform a new job role efficiently.
For those who are determined to generate extra income and work to pay off financial obligations, there is a great possibility that work will not be available, with so many able bodied, younger and better qualified prospects for employers to choose from. The modern workplace can also present a challenge with its computer driven systems, especially for baby boomers without the necessary training to cope with unfamiliar working procedures.
Psychological articles show that the effort required to conquer debt late in life can cause a number of psychological problems as a result of stress, leading to feelings of inadequacy, despondency and depression. Baby boomers experiencing debt problems should consult professional help before making the decision to return to the workplace. A reputable debt management company might often offer alternative solutions such as debt consolidation.
As baby boomers enter old age, they can be faced with the problems of addressing debt issues not only for themselves but also on behalf of other members of their family. The solutions are not always palatable.
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