Due to insecurities with the current state of the economy, over 15 million seniors are working much longer than many would have anticipated just to cover everyday costs and make ends meet. While the state of Florida has no state income taxes and is relatively on the lower end of the scale for costs of living, the general economy across the U.S. is still struggling. There are at least 5.7 million people across the country that are currently unemployed.
Not to mention, at least 56% of the population, in general, can’t cover an unexpected emergency of $1,000 and when they can’t they are at a higher risk of either damaging their credit or being denied help because of their credit score. Unplanned expenses happen and that’s a part of life and while it’s not an ideal situation when this occurs, it’s something that you might not be able to put off…or at least not for too long.
BMG Money makes it possible for everyone to experience more financial stability and flexibility, especially seniors. Keep reading to learn more about how BMG helps seniors and makes worrying about “creditworthiness” a thing of the past.
Credit Scores Shouldn’t Determine Financial Help
BMG Money strongly believes that your credit score shouldn’t determine how worthy you are of financial assistance. The financial professionals that make up this company take pride in considering other factors….the factors that really matter like your employment and your income. Instead of seeing credit as a black-and-white scene, BMG understands that you can offer affordable loans at affordable rates and go off of more than a three-digit value that may not accurately represent your current financial situation or ability to pay back a loan.
While the average credit score for someone over 70 usually ranges in the 700s, older Americans at one point during the 10-year gap from the end of the great recession have actually been seeing significant drops in their credit scores from this average marker by as much as 40 points. Now, the economy is experiencing trouble again and seniors aren’t the only citizens to be affected, it’s everyone. While different people have different financial situations, seniors have additional concerns such as;
- Paying down debt
- Keeping up with payments
- Advanced health concerns and medical bills
- Vulnerability to financial scams
With the race to recover from what might seem like the verge of a new recession (technically the midst of a recession considering the U.S. entered recession stages in the summer of 2022), the need to heal in multiple ways from damages caused by Florida storms and even everyday inflation concerns, seniors should have a place to go when they face unexpected financial hurdles. That place is BMG Money.
How Unexpected Financial Problems Can Affect Your Credit
There are a variety of things that could negatively affect your credit from making late payments, applying to multiple credit cards, carrying high debts, or even closing out a credit account believe it or not. Right now, over half of the American population has maxed out their credit cards and even 51% of Americans have started to withdraw from their 401(k) before they have even reached retirement. This just goes to show that things happen and BMG understands this which is why they offer services such as;
- Local Money-Saving Resources
- Credit Education Program
- Financial Counseling Services
- Customized Loans (Federal, Retired, Military, Employee, etc.)
Approaching an unexpected financial incident the wrong way or going through the wrong lender can further damage your credit if you have that concern. Also, if you have any current problems with your credit, you might worry about whether you’ll be approved for a loan or if you should even try. If you’re a senior living in Florida, BMG can help lighten the load of that worry.
How BMG Can Help Seniors
BMG Money can help seniors get financial help when they need it and how they need it with less concern of damaging their credit or not receiving help because of their credit. If you could use assistance with covering expenses concerning these areas, BMG has solutions for each;
- Rent or mortgage payments
- Unexpected costs
Whether you have an emergency, want some form of financial relief, or just want to treat yourself without experiencing financial strain, get in touch with the BMG Money team and go over their reviews, check out the financial resources their team has available for seniors living in Florida, or take a few minutes to check out your loan options.