10 Tips to Help Seniors Deal with Debt

iStock.com/PeopleImages

9. Seek Help from Outside Resources

There often better ways to help your parents than signing-off on their loans or loaning them your own money, you just might need a little help to find them. A great place to start is the many outside resources that you can find from local governments, senior centers, churches and other groups.

There are many non-profits and agencies out there that can help seniors with financial relief like grants, and other services. Some of these include prescription drug assistance, transport, subsidized bills and even hot meals. To find these helpful resources a quick google search can turn up some good results. Additionally, get your siblings involved, as more often than not you can find these services in your local area by word of mouth.

10. Take Control

It can be incredibly upsetting to see your parents start to deteriorate, but pay attention to the signs. If you’re noticing memory loss they soon might not be able to look after their own finances. Additionally, they might become an easy target for financial scams – something you can avoid by offering assistance.

Eventually, you’ll need to become Power of Attorney. This might seem like a big decision but it can be the best course of action to prevent your parents from making bad decisions or falling victim to scams. By taking on this extra responsibility, you’ll be in charge of their finances. But don’t worry, any debts or loans won’t be yours to pay after they die. You’ll simply act as a mediator, without sacrificing any of your own wealth.