Canadian Seniors Struggling with Debt

Today, there are 1000 Canadians turning age 65 every single day (Fidelity Investments viewpoint summary Aug 2011). These baby boomers are marching into retirement and for many, there are worries regarding decreased incomes, increased health expenses and the unfortunate fact that many carry heavy debt loads into their golden years and don’t know how they will manage.

Numbers of seniors burdened by crushing debt and declaring bankruptcy has increased significantly over the past several years. One alarming trend is that Canadians entering retirement are doing so with large debts and are assuming new debt just to help ends meet. (Financial Post/Feb 2011)  

Profile of a senior in Debt (Financial Post/Feb 2011)  

• 47% live on their own,9% are widowed, and 30% divorced or separated at the time of their insolvency
• 37% still have a dependent at home
• average monthly take home pay is $2,133
• 20% cited illness, injury or other health problems as the primary cause of their financial difficulties
• 33% had RRSP savings: valued on average at $29,856

5 reasons why seniors are filing for bankruptcy

1.) Forced to retire early or for medical concerns
2.) Retiring with debt
3.) Not reducing living expenses to meet reduced income levels
4.) Loneliness, dealt with by use of retail therapy(shopping) gambling or travel
5.) Providing significant financial assistance to adult children

It is apparent that many seniors who find themselves in difficult debt situations also find they have no access to resourses to assist them with eliminating those debts. 2^nd Chance Debt Arbitration Services can provide resource and counselling services to seniors seeking information and advice on debt elimination strategies that work. We have arbitration programs that can see 50 to 80% of your debts forgiven, giving our seniors peace of mind during their golden years.

Colleen Beland is a Certified Debt Arbitrator in the Vancouver lower mainland area. She has worked within the financial services industry for more than 10 years and takes a hands on approach when working with individuals and families needing to get back on track financially. Visit her at www.2nd-chance.ca or call her at 604-544-3039 for a free consultation.

source: http://www.bankruptcy-canada.ca/trustees-talk/bankruptcy-alternatives/20101018/why-are-more-seniors-filing-bankruptcy-in-canada.html

http://opinion.financialpost.com/2011/02/28/seniors-declaring-bankruptcy-at-alarming-rate/

2nd Chance Website has gone LIVE!

Our website has officially gone "LIVE" as of this afternoon. Please visit us at http://www.2nd-chance.ca/

Jeannette Duguay of http://www.jentekk.com/ did the site design
Martin Jongejan of I.Q. Design Company created the logo design

Both are amazingly creative individuals who when given free reign, gave their absolute best to this project.
I thank them both for the most amazing "shiny new" website and business branding I could have hoped for.

Great work Jeannette and Martin!

Thank You!

Driven Dragons presentation/ 2nd Chance Debt Arbitration Services

Debt settlement is a growing segment of the industry and is giving families an alternative to bankruptcy or consumer proposal where those options may not be viable.

Check out this video presentation where I explain how my company works for the consumer in eliminating debt and then staying debt free.

http://www.youtube.com/watch?v=JbL0MwhmSs0