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/