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Article: Elderly parent's fixed income leaves few solutions to pay off debt.(FEATURES)(WORK & MONEY)
- Article from:
- The Christian Science Monitor
- Article date:
- July 26, 2004
CopyrightCOPYRIGHT 2004 The Christian Science Publishing Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Steve Dinnen
Q: I have a 72-year-old mother receiving Social Security checks of approximately $617 per month. She lives in low-income housing, is on medical assistance, and has a credit-card debt of at least $5,000. What are her options?
E.F., via e-mail
A: This pretty much boils down to what she can do to improve her lifestyle in the absence of much money, says Craig Jergenson, president of the Financial Planning Association of Minnesota.
Up to approximately 40 percent of her income ($247 per month) can go toward her rent payments, he says. Her credit-card debt, while not a huge sum in contrast to most Americans, is another ...