Elder debt is one of the most threatening things to the quality of life of an older person. Being retired with limited income is hard enough. So elderly loved ones don’t need debt on top of it. But we’re all human, and you can help with gathering documents and keeping accurate records.
Help them Make Decisions
As we age, we can lose the ability to make good decisions, which is one reason why elderly people get into debt. There are also scams that target the elderly to take advantage of them. Lasting power of attorney allows you to make decisions on their behalf, especially when it comes to money. The lasting power of attorney cost varies based on the firm, but many have a fixed fee. You can also apply to be a third-party mandate for your loved one’s bank account.
Gather and Organize Bills
One of the first things you can do is help your elderly loved one take control of bills. Gather all bills that need to be paid. You can then organize these into priorities. For example, essential bills like rent, utilities, and taxes need to be paid ASAP. You can also call on behalf of your relative to come to an arrangement for payment. Most agencies, creditors, and providers are happy to work with you as they would rather keep customers, even if you owe them money.
Help with Elder Debt Using Apps
It is a common belief that most older people can’t use technology. Of
