Debt and Debt Management News, Information and Guidance

Retirements Swallowed by Debt

The New York Times, January 26th, 2011 Bill Freedman, 86, felt financially secure. He had a comfortable income from Social Security, an I.R.A., investments and an inheritance. But when he took a fall last October, his daughter, Nancy Freedman, went to his Manhattan apartment and found several credit cards piled up in a desk drawer….

SMART MONEY: No need to file, they already are bankrupt

The Oakland Press, January 27th, 2011 DEAR BRUCE: My parents, both 80, have lived for years on their credit card, running up the balance and paying it off every month. This works great when you have ample income to cover it. For whatever reasons, they have no investment income left and are living on retirement…

Credit Card Debt: Not a Concern for Retirees in Bad Economy

Third Age, November 29th, 2010 Editor’s Note:  We urge you to read this one with a large grain of salt.  Though we are including it because it’s a new concept that is certainly outside the box thinking, we at NewRetirement wish to stress the extreme danger that credit card debt can pose to your retirement. …

For many over 55, debt defers dreams

USA Today, October 24th, 2010 A growing number of Americans age 55 and older have put their retirement dreams on hold as they face a dismal financial reality: The recession has forced many into unemployment, stripped away years of their savings or dramatically reduced incomes during what they had hoped would be their final high-earning…

New rule cracks down on debt settlement industry

Yahoo News, July 27th, 2010 Companies that promise to reduce or eliminate credit card balances and other debt for customers will no longer be allowed to charge an upfront fee. The Federal Trade Commission said Thursday that the new restrictions are a crack down on the debt settlement industry, which flourished during the economic downturn…

Peddling Relief, Firms Put Debtors in Deeper Hole

The New York Times, June 17th, 2010 Editor’s Note:  Caveat Emptor, as always… For the companies that promise relief to Americans confronting swelling credit card balances, these are days of lucrative opportunity. So lucrative, that an industry trade association, the United States Organizations for Bankruptcy Alternatives, recently convened here, in the oceanfront confines of the…

In Greek Debt Crisis, Some See Parallels to U.S.

The New York Times, May 11th, 2010 It’s easy to look at the protesters and the politicians in Greece — and at the other European countries with huge debts — and wonder why they don’t get it. They have been enjoying more generous government benefits than they can afford. No mass rally and no bailout…

Solving the deficit problem requires an open mind, common sense and courage

The Washington Post, May 12th, 2010 Now that we’ve watched a fiscal crisis that began in Greece engulf all of Europe, maybe we should start considering the possibility that the same thing could happen to us if we don’t get serious about our government’s ballooning debt. In recent months, think tanks have published a lot…

Retiring free and clear of mortgage debt

Bankrate.com, April 30th, 2010 Should you continue to make mortgage payments after you retire? Or should you pay off the house before quitting your job for good? Financial experts are divided on this issue. Reasons you may not pay it off Bankrate’s own Dr. Don says it makes sense to compare the after-tax return on…

4 ways to tackle massive credit card debt

Bankrate.com, March 30th, 2010 Dear Debt Adviser, My husband had to take an early retirement for medical reasons. We owe about $50,000 in credit card debt. We can pay our house, utility, car and living expenses, but we have very little left for paying the credit cards. We don’t want to file for bankruptcy but…