At nearly 90 years old, the last thing anyone wants is to worry about money. Sadly, that’s exactly what Joan from Jacksonville, Florida, is facing. During a recent episode of “The Ramsey Show,” Joan shared her financial struggles and the tough decisions she must make.
Joan is 86 years old and relies solely on Social Security. She owns her home and car, but she’s buried under $30,000 in credit card debt. Joan has been a single mom since she was 19, with no child support and no savings. She lives on just $1,200 a month from Social Security and worked until she was almost 80.
With so little money, Joan started borrowing, but it only worsened her situation. She needed about $200 more each month, so she turned to credit cards. Making only the minimum payments, her debt grew due to interest, becoming unmanageable over time.
Average Debt Among Seniors
Joan’s situation is not unique. In 2022, the average debt for households aged 65 to 74 was $134,950, according to the Federal Reserve. For those 75 and older, it was $94,620.
Limited Options
Joan’s options are limited. She could sell her 17-year-old car, but that would leave her without transportation. Selling her home and moving into an apartment is another option, but it’s not ideal. She can’t work due to her 21-year battle with leukemia, and moving in with her daughter isn’t possible because they don’t get along.
Joan is understandably worried about her future. She needs help to find a solution that will allow her to live comfortably without the burden of debt.
Joan’s story highlights the financial struggles many elderly people face. It’s crucial to address these issues and find ways to support our seniors so they can live their golden years without the stress of financial problems.
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Elena is a seasoned tax consultant with a decade of expertise in income tax management. Graduating with top honors in Finance, she embarked on a career journey focused on simplifying tax complexities. Elena's insightful articles on thecsc.org provide practical guidance to taxpayers.
