--- title: First Steps for Seniors in Debt description: Many seniors avoid seeking help for their money problems. The good news is that there are resources where you can find valuable assistance with debt. image: https://go.hfcu.org/hubfs/SeniorsA.jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - 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Yet trying to deal with debt issues alone is often not the best approach. While money problems may be uncomfortable to talk about, there are resources where you can find valuable assistance. **Friends and family** If you are in financial straits, reach out to caring friends and family members; they are often more forgiving and willing to help than you may think. Try not to let pride get in the way of getting what you need. If the situation was turned around and those you love needed help, would you give it? The answer is probably a resounding yes. Everybody needs a hand at some point in his or her life—this may be your time. Before debt spirals out of control, or you are living so sparingly that your basic needs are not being met, discuss what is going on with a loved one. Catching a financial problem in its early stages is best for everyone. Before you approach someone with your financial dilemma, know what you are going to say and what you will ask for. If you are looking for a personal loan, be clear about the terms. Propose a repayment time frame, payment amounts and, if you want, interest. On the other hand, if you know you will not be able to pay the money back, be clear about that. **Credit-counseling** If you want professional and objective financial support, contact a reputable credit-counseling agency. These nonprofit organizations provide comprehensive, educational, and goal-oriented services at no or low cost, and their counselors are experienced with helping a wide spectrum of people, including older Americans. They offer budget and debt counseling to assist with money management, and debt management plans for help with outstanding bills. For some seniors, a Debt Management Plan (DMP) is an ideal way to deal with such financial obligations as credit card debt, unsecured loans, and medical bills. The agency will perform much of the communication with creditors, and your interest rates and penalty fees may be reduced or even eliminated. That said, not all credit-counseling agencies are created equal. When choosing, look for an organization that has been in business for a long time, is accredited by a neutral third party, and is certified by HUD to provide housing counseling. It should be education-orientated, and provide full financial coaching (including goal establishment, spending plan review, and establishing savings) by well-trained coaches. Avoid any organization that aggressively solicits you for business, makes “too good to be true” offers and ridiculous promises and is vague about interest rates and fees, charges the first month payment as a DMP set-up fee, or high monthly administration fees. If you will be using their DMP, consult the Better Business Bureau to check for past client complaints. Read the contract carefully before signing. There is no reason a senior citizen should have to deal with debt problems alone. Help does exist. Reach out and get the assistance you deserve from trustworthy people and organizations. Copyright © [BALANCE](http://www.balancepro.net/partners/hanscomfcu/) *At **[Hanscom FCU](https://www.hfcu.org/)**, we care about your financial wellness. That’s why we’ve partnered with industry-leading BALANCE to provide you with confidential, **no-cost** financial counseling services to help you develop a sensible budget managing spending and debt. For all your financial life stage changes and more, we—in partnership with BALANCE—are here to help.* [![Check out BALANCE today!](https://no-cache.hubspot.com/cta/default/118438/d4a3e4e4-b610-488a-9685-3be8b122269e.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/d4a3e4e4-b610-488a-9685-3be8b122269e)   *Others are reading:* - *[Cut the cost of debt with a balance transfer](https://go.hfcu.org/blog/cut-cost-of-debt-balance-transfer)* - *[Should I use home equity to pay debt?](https://go.hfcu.org/blog/should-i-use-home-equity-to-pay-debt)* - *[Shrink your debt: we can help you make a plan](https://go.hfcu.org/blog/shrink-your-debt)* - *[When is it best to begin drawing Social Security payments?](https://go.hfcu.org/blog/when-is-it-best-to-begin-drawing-social-security-benefits)* - *[Are Americans prepared for retirement?](https://go.hfcu.org/blog/are-americans-prepared-for-retirement)* ** [Home](https://go.hfcu.org/blog/topic/home), [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) [** Your Study Guide to Paying Off Student Loans ](https://go.hfcu.org/blog/your-study-guide-to-paying-off-student-loans) [** Should You Co-Sign? ](https://go.hfcu.org/blog/should-you-co-sign) ### About Author ![Hanscom Federal Credit Union](https://go.hfcu.org/hubfs/HFCU-Profile-1000x1000.jpg) Hanscom Federal Credit Union Hanscom Federal Credit Union, a purpose-driven $1.9 billion organization based in Littleton, MA, empowers its members to achieve financial wellness. Hanscom FCU serves over 95,000 members across the country and overseas through 16 branches, over 100,000 surcharge-free ATMs, 5,000 contact centers, and a web-based branch. Related Posts [![Your First Step in Buying a Home: Pre-Approved for a Mortgage](https://go.hfcu.org/hubfs/Untitled%20design%20(85).jpg) Your First Step in Buying a Home: Pre-Approved for a Mortgage ](https://go.hfcu.org/blog/bid/172300/the-mortgage-application-process-get-pre-approved-before-you-look) [![Navigating Financial Challenges After a Job Loss](https://go.hfcu.org/hubfs/iStock-1444494544.jpg) Navigating Financial Challenges After a Job Loss ](https://go.hfcu.org/blog/job-loss) [![Three Tips to Build a Financial Safety Net](https://go.hfcu.org/hubfs/2-2.png) Three Tips to Build a Financial Safety Net ](https://go.hfcu.org/blog/safety-net) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/first-steps-for-seniors-in-debt/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/first-steps-for-seniors-in-debt/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/first-steps-for-seniors-in-debt/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. 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Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://X.com/HanscomFCU The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. 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The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Hanscom Federal Credit Union" }, "dateModified" : "February 17, 2020, 3:36:17 PM", "datePublished" : "2017-12-24 16:22:56", "description" : "Many seniors avoid seeking help for their money problems. 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