How’s your credit? While a better credit score can help adults of all ages to be able to borrow money to buy a house or car, rent an apartment, etc., there are some credit considerations, especially for seniors. March is National Credit Education Month, so let’s think about better credit for seniors. Here are tips to help seniors have the best credit possible.
- Review your credit report. Even if it’s not in your immediate plans to take out a loan, it’s still important to look at your credit report at least once a year. That way, you can make sure it has the most up-to-date information so you have an accurate report and credit score for future use. You can obtain a free copy of your credit report once a year via the website AnnualCreditReport.com.
- Think carefully about your credit card use. It’s easy at any age to slip into the habit of paying for things with a credit card, but that can quickly lead to accumulated debt. Stick as much as possible to using your existing funds.
- Have an emergency fund set aside so you don’t have to use credit cards. The general recommendation is a three- to six-month worth of expenses in an emergency fund. This article from The Balance goes into detail about the basics of an emergency fund for seniors.
- Talk to your health providers about any medical debt you have. With the high cost of healthcare, it’s not uncommon for seniors to have some medical debt that’s hard to pay off. Instead of avoiding the situation and getting dinged on your credit report (and credit score), get in touch with your health care providers to see what plan you can work out. Many providers are willing to accept an affordable monthly payment plan.
- Make a plan for how your finances will be handled should you not be able to manage them. As we age, it’s not uncommon to lose the ability to properly manage our finances, be it bill payment, credit card use and monitoring, and banking. This can occur even in seniors with some mild cognitive decline but who are otherwise healthy. Think now about how and who will manage your finances if you are in that situation. At Secure Aging, we regularly help clients with financial management.
Call Secure Aging to Find Out How We Can Help Seniors With Care Management
At Secure Aging in Bradenton, we transform the weight of the world into a sigh of relief for our senior clients and their concerned family members. The mission of Secure Aging is to protect and preserve our client’s independence and dignity through careful and thoughtful financial and care management. As our clients' age, it is their desire to remain independent and age with dignity. Our services protect our clients from talented con artists looking to exploit and deplete the financial resources of our vulnerable seniors. Secure Aging helps families in Manatee County and Sarasota County and in and around the communities of Anna Maria, Bradenton, Bradenton Beach, Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Myakka City, Palmetto, Parrish, and Sarasota. Call us at 941-761-9338, or visit us online at www.secureaging.com.