Senior debt is a type of debt that takes priority over other forms of debt in the event of default or bankruptcy. It is typically secured by collateral and has a lower interest rate than other forms of debt. Senior debt can include mortgages, car loans, and other types of secured loans.

Common causes of senior debt in seniors include medical expenses, credit card debt, and living expenses. Additionally, seniors may take on debt to help family members, or to support a business or investment venture. Unexpected expenses or a sudden change in income can also lead to senior debt.

Seniors can overcome debt by creating a budget, reducing expenses, and increasing income. Seeking the help of a financial advisor or credit counseling service can also be helpful. Consolidating debt, negotiating with creditors for lower interest rates, and selling assets can also help seniors overcome debt.

There are many success stories of seniors overcoming debt. One example is a woman who was able to pay off over $100,000 in debt by creating a budget, reducing expenses, and taking on a part-time job. Another example is a man who was able to pay off his mortgage early by downsizing his home and reducing his living expenses. Seeking the help of a financial advisor or credit counseling service can also be helpful for seniors looking to overcome debt.

Experts recommend that seniors create a budget and stick to it, reduce expenses by downsizing or cutting unnecessary spending, and increase income through part-time work or other sources. They also suggest seeking the help of a financial advisor or credit counseling service to develop a plan for paying off debt and managing finances. Seniors should also be wary of scams targeting seniors with debt problems.