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514 – Why Seniors End Up in The Payday Loan Trap & How To Help
Manage episode 427499116 series 2391871
In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement.
Time Stamps:
00:00 Introduction
01:48 Why are payday loans a problem if you are a senior?
04:03 How does a senior end up in debt?
05:45 Payday loans and rapid loans
08:10 Seniors supporting their adult children
10:38 Seniors carrying debt into retirement
11:54 Practical advice
12:30 How can you tell if your parents are in debt?
15:13 How to retire with no debt
21:12 Seniors and financial scams
22:55 Co-signing loans for friends and family
25:00 Should seniors’ cash in their RRSP to pay off debt?
27:15 Should seniors file a consumer proposal or bankruptcy?
Related Links:
Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/
Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/
Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/
Seniors – A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/
Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/
Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/
531 episodes
Manage episode 427499116 series 2391871
In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement.
Time Stamps:
00:00 Introduction
01:48 Why are payday loans a problem if you are a senior?
04:03 How does a senior end up in debt?
05:45 Payday loans and rapid loans
08:10 Seniors supporting their adult children
10:38 Seniors carrying debt into retirement
11:54 Practical advice
12:30 How can you tell if your parents are in debt?
15:13 How to retire with no debt
21:12 Seniors and financial scams
22:55 Co-signing loans for friends and family
25:00 Should seniors’ cash in their RRSP to pay off debt?
27:15 Should seniors file a consumer proposal or bankruptcy?
Related Links:
Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/
Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/
Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/
Seniors – A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/
Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/
Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/
531 episodes
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