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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

A fresh start might require more than a grandmother's advice

Many of the financial challenges people struggle to overcome are not of their own making. The loss of a job or a serious illness can may debt repayment difficult when you are trying to make ends meet on a reduced income.

Some financial worries might, however, be avoided or minimized by taking a look at how your grandparents handled their finances. The pre-baby boomer generation managed to graduate from college without being overburdened by student loans, maintained savings accounts and avoided amassing credit card debt by refusing to think of credit cards as a cash substitute.

The pre-baby boomer generation remains relatively free of debt with just under 60 percent of them having any form of debt. The debt they do have is primarily in the mortgages on their homes. Eighty percent of baby boomers and the generations that came after them carry debt.

If you are among the many people struggling to eliminate debt, some of the tricks your grandparents used to stay out of debt might help you to achieve a fresh start. Keeping yourself covered by health, home and automobile insurance is a trick your grandparents learned to avoid liability for large amounts of medical debt and other obligations requiring repayment.

Another lesson that can be learned from your grandparents is to resist the temptation to use credit cards instead of paying with cash. You can begin your plan to eliminate debt by leaving your credit cards at home and focusing on repayment of your existing debt.

Whether you are trying to prevent foreclosure or struggling with medical debt, solutions that worked for your grandparents might not work for you. A Tulsa, Oklahoma, bankruptcy attorney might be able to offer you solutions to your financial challenges that match your specific set of circumstances.

Source: News 9, “What grandparents can teach us about finances,” Andrew Housser, Sept. 11, 2015

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