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Credit Wise Senior Savvy: How to Protect Yourself As You Grow Older
My grandmother
Alice (we called her
While Unfortunately, this isn’t a rare occurrence. It is a sad
fact that there are people out there who will lie, cheat, and steal to get your
money. Sometimes they are strangers but sadly, sometimes they are your own
family. As the senior population grows, it will become even more important for
seniors to take some proactive measures to protect themselves. According to the
National Institute on Aging, more than 500 million people worldwide are 65 and
older. By 2030 that number is projected to increase to 1 billion-which is 1 in 8
of the Earth’s inhabitants. If you are a senior, please take the following tips to heart.
If not, pass this on to a loved one. While I believe that most of the people in
this world are good, there are many that are not. You never know who is who so
it is best to be prepared. The best defense against these people is a good
offense. Here are some common scams to be aware of and how to can keep from
becoming a victim. Many of these come from the National Institute on Aging
website that you can view here
www.niapublications.org
Another common scam is predatory lending and investments.
People from a mortgage company or investment firm may contact you to try to get
you to refinance your mortgage or invest in their product. Make sure that you
understand and agree to all of the terms of the agreement before you sign
anything. Some may pressure you into quickly signing things that you don’t
understand. Others may leave things like the interest rate blank until after you
sign it. They may verbally tell you one rate and then write in a higher one
later. It is best to have a trusted friend or loved one review anything that you
sign. The If you get to the point where you have trouble remembering
things, it may be a good idea to appoint a very trusted family member a Power of
It is also not uncommon for family members to ask for money or
use your credit cards. Always keep your credit cards and checks in a safe place.
If someone asks you for money, politely decline. As health costs are rising,
people on a fixed income typically need their money to take care of themselves.
I once had a client whose son had charged $10,000 on her credit card without her
approval. The collection agency was calling her all hours of the day and raising
her blood pressure. She was not willing to press charges against her son in that
case because she felt sorry for him. It is important to realize that a family
member who would do that to you probably cares only about themselves and may
even have a substance abuse problem. Saying “No” will not enable them and
may actually help them. Another client had a son who had used her name to get
credit cards. If you suspect Identity Theft, check your credit report for free
at www.annualcreditreport.com. Another great idea is to have a trusted family member, friend
or a professional such as someone with The bottom line is that you have worked hard to get to this
point in your life. Don’t let someone else take away what you have earned.
Always look out for yourself and ask for help from trusted sources when you just
aren’t sure. If every senior is armed with this information and empowers
themselves, we can put these slimy scammers out of business.
* * *
Copyright © 2007 by Jennifer Wallis. All rights reserved. Want more money-saving tips? Get a FREE Subscription to our monthly newsletter!
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