The AARP recommends credit counseling / debt consolidation services to senior citizens as alternatives to bankruptcy.
The most important advice for seeking out such services is to find a reputable firm. Some great firms even specialize in working with seniors. Check with the Better Business Bureau (http://www.bbbonline.org) to make sure that a company of interest does not have an inordinate number of complaints filed against it.
We recommend that senior citizens observe the following advice when using a debt management company:
- Look for a company that falls under the jurisdiction of some higher, regulatory body. Many states in the U.S. regulate debt management services, but if yours does not, it is especially important to look up companies with the Better Business Bureau.
- Make sure that your credit counselor is certified through the National Foundation for Credit Counseling, or the Association for Financial Counseling and Planning.
- Confirm that your sessions are 100 % confidential, and have this guarantee in writing.
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