There is a growing number of older adults with high levels of debt, and while it’ll require making hard choices, speaking with a financial advisor now can help them out now and possibly even prevent them from having to declare bankruptcy down the line.
The Globe & Mail article tapped into the expert advice of a certified financial planner and money coach who shared that when older adults see him for advice, he looks at debt consolidation, selling assets, cash flow and revisiting budgets.
Older adults often want to resort to selling off assets in order to pay off debt, but by getting help from an advisor, they will learn that there are assets that are protected against insolvency. To learn about what assets are safe from creditors and which are not, along with what circumstances have contributed to financial concerns escalating, and the signs advisors look for that hint of financial distress, you can check the full Globe & Mail article here.
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