Excerpt from: Wall Street Journal (click for full article)
Patricia Dudek, an attorney specializing in elder law in Farmington Hills, Mich., sees many seniors running into debt problems because their financial plans never accounted for sharply rising property taxes. Seniors can appeal to their local tax collector to lower their bills, she notes, and many states offer seniors special property-tax abatements.
The next step is managing the debt itself. Many turn to credit-consolidation companies rather than do it themselves, but it's an avenue that requires treading carefully.
"You have to be really cautious," says Ms. Dudek, "there are some scams out there."
The No. 1 rule of thumb: Never make a
big upfront payment to a debt consolidator. The New York Better Business
Bureau provides tips on debt-counseling programs and the National
Foundation for Credit Counseling can
provide help locating a debt counselor.
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