Many seniors use credit consolidation to rebalance their finances, a fundamental step for some when they retire.
Senior: financial difficulties to anticipate
It is well known that seniors sometimes experience financial difficulties when they retire because of the significant decline in their income. Pension ceilings are falling with the extension of the contribution period while the cost of living is rising, as are all forms of taxation and taxes. This double effect unfortunately leads seniors to know from time to time financial worries imbalancing their budget which was until then well mastered. Let’s quickly remember that a retiree has his retirement calculated on the 25 best years of income of his career. So the cases can be very varied, but overall, experts consider that the decline in income is generally between 30 and 40% of the best and last career income.
Senior: Anticipating lower revenues with the repurchase of credit
Loan repurchases can often reduce existing income charges by 20-50% depending on the impact of current outstandings. Whether it’s a personal loan, a mortgage buyback or a secured loan, the various options reduce the amount of the bank bill. In the case of seniors, the scoring of banks play very often in their favor, because they are very often owners and as solvent because of the finality of their income. Owners in ¾ cases, they have the choice between loans with a guarantee and so-called personal loans often more flexible in their implementation.
The loan consolidation for seniors: a rebalancing
The options for rebalancing a budget are therefore multiple in the case of pensioners and often have undeniable preventive actions that avoid any possibility of relapse … They thus benefit from the same loan and rate conditions as the assets and thus enjoy a real restart. banking and finance. The only two pitfalls that arise from time to time are on the one hand the possibilities of insurance of seniors and the age limits of end of loan due to the duration initially planned. But lenders have evolved tremendously in this area and many loans today can be limited to 85 years old loan age.