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Apple's biggest challenge: Topping iPhone 6
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Oil stages turnaround to top $46 a barrel
The 11 richest people on the planet under 35
How estate planning can be stress-free
Get last-minute, cheap Broadway tickets
Babe Ruth’s New York apartment is for sale

Almond milk and other notable Fed nuggets

Where every Fed member stands on raising rates  
Fed Beige Book finds increasing wage pressures
Where every Fed member stands on rates
Rate-hike question is what Yellen didn’t want
Boston Fed president: Sept. doubt remains

Bill Gross calls a Fed rate hike ‘too little, too late’
FDIC chief: Rates may catch banks off-guard
Junk-bond stress level climbs to 5-year high

History’s lessons in surviving market crashes

They tangled with student debt all summer
College help for low-income families

Why gold now looks more risky than stocks
Why gold now looks more risky than stocks: Reeves
Still too many gold market bulls: Mark Hulbert

GoPro’s stock rocked by supplier’s outlook

Intel hopes its chip retool can revive PC sales

Private sector adds 190,000 jobs in August: ADP

U.S. productivity rises at fastest pace since end of 2013
Productivity rises at fastest pace since end of 2013

Donald Trump, Hillary Clinton playing game of liar’s poker with the voters
Trump, Clinton play game of liar’s poker: Delamaide
Bush mounts ‘germophobe’ attack on Trump

Salesforce’s new target: rationalizing medical info

Medicare premiums will be going up for many

Workers don’t do better in unions
Opinion: Workers don’t do better in unions
Raising wages to $15 would raise prices by 4%
L.A.: $15 wage will lift 600,000 out of poverty

Growing doubts among Viacom investors lead to 50% stock drop
Growing doubts among Viacom investors

China stock market to close for World War II anniversary
China tightens controls to fight capital outflows

Guide to managing money from your 20s to your 70s
Guide to managing money from your 20s to your 70s
Take your company pension, or buy an annuity?
Don’t overcomplicate 401(k) transfer to an IRA
Is this all the investing advice you’ll ever need?

Uber drivers lawsuit  endangers much more than Uber
Uber will likely appeal class-action decision
Uber driver suit can proceed as class action

These are the cars that get the most Instagram attention
Best time to buy a new car may be just ahead

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA
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Markets »

133.48MDow Volume:
Avg Vol: 113.01M
Unchanged
201
Decliners
1922
Advancers
4480
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
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Dow
/quotes/zigman/627449/realtime 16,351 +293 1.82%
Nasdaq
/quotes/zigman/12633936/realtime 4,750 +114 2.46%
S&P 500
/quotes/zigman/3870025/realtime 1,949 +35 1.83%
GlobalDow
/quotes/zigman/629063/realtime 2,316 +3 0.13%
Gold
/quotes/zigman/662444/delayed 1,133 -1 0.09%
Oil
/quotes/zigman/2331095/delayed 46.25 0.00 0.00%
FTSE 100
/quotes/zigman/3173262/delayed 6,083 +25 0.41%
DAX
/quotes/zigman/2380246/delayed 10,048 +32 0.32%
CAC 40
/quotes/zigman/3173214/delayed 4,555 +14 0.30%
FTSE MIB
/quotes/zigman/1482176/delayed 21,612 +161 0.75%
IBEX 35
/quotes/zigman/2759620/delayed 9,938 -55 0.55%
Stoxx 600
/quotes/zigman/2380150/delayed 354 +1 0.27%
Asia Dow
/quotes/zigman/6959860/realtime 2,718 +14 0.53%
Nikkei 225
/quotes/zigman/5986735/delayed 18,397 +301 1.66%
Hang Seng
/quotes/zigman/2622475/delayed 20,935 -250 1.18%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,615 +161 0.63%
Singapore
/quotes/zigman/1709939/delayed 2,902 +24 0.82%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 0.00 0.04%
Yen
/quotes/zigman/16008150/realtime/sampled 120.56 +0.23 0.19%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 +0.00 0.01%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.27%
DXY Index
/quotes/zigman/1652083/delayed 95.96 -0.03 0.03%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.63 +0.07 0.08%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.18 -0.01 0.40%
German 10y
/quotes/zigman/15866409/realtime 0.78 -0.02 1.96%
Italy 10yr
/quotes/zigman/15866497/realtime 2.00 0.00 0.02%
Spain 10yr
/quotes/zigman/15866444/realtime 2.15 +0.01 0.45%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.82 -0.01 0.55%
Japan 10yr
/quotes/zigman/15866525/realtime 0.41 +0.01 2.83%
Crude Oil
/quotes/zigman/2331095/delayed 46 0 0.00%
Gold
/quotes/zigman/662444/delayed 1,133 -1 0.09%
Corn
/quotes/zigman/7599553/delayed 366 -1 0.34%
DJIA F
/quotes/zigman/38649152/delayed 16,345 +15 0.09%
S&P F
/quotes/zigman/30356461/delayed 1,949 +1 0.07%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.02%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.89 2.66 3.05%
AAPL /quotes/zigman/68270/composite 112.34 4.62 4.29%
GOOG /quotes/zigman/30194416/composite 614.34 16.55 2.77%
BAC /quotes/zigman/190927/composite 15.85 0.32 2.06%
C /quotes/zigman/5065548/composite 51.75 0.81 1.59%
F /quotes/zigman/264304/composite 13.87 0.15 1.09%
T /quotes/zigman/398198/composite 32.82 0.50 1.55%
BP /quotes/zigman/247026/composite 32.20 0.06 0.19%
GE /quotes/zigman/227468/composite 24.57 0.69 2.89%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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Encore
A blog about living in and planning for retirement

Should Seniors Bother Paying off Debt?

At some point, is one too old to bother paying off a debt?

Consider this Kansas couple saddled with $120,000 in debt on 13 credit cards. Jim Bostick, then 68, and his wife Francine, then 57, feared they’d spend their golden years in the red. Then “Jim was diagnosed with Alzheimer’s and I knew he wouldn’t be able to continue working,” Francine says in this interview with The National Foundation for Credit Counseling. “With the debt that we had there was no way we could pay it. I lay awake at night,” she says.

The couple finally took action. Francine reached out to the non-profit Housing and Credit Counseling Inc. in Topeka, Kan., a member of the national foundation. In addition to her full-time job, she took an evening cleaning job and launched her own Avon business. Despite his condition, Jim, who was a maintenance and custodial supervisor at Kansas State University, worked 30 hours per week to help the couple stick to their household budget and $2,500 a month repayment plan. “It was probably the greatest thing I ever did,” Francine says.

But was it the smartest?

Based on their age, they should have explored filing for bankruptcy, some experts say. “I think the couple did the ethical thing, but it probably was not in their financial best interest to do what they did, especially at their age,” says Wade Westhoff, a financial adviser based in Danville, Calif. Couples facing retirement – especially if they have already paid off their mortgage – have less reason to worry about the impact of a bad credit rating, he says. “They could have wiped the slate clean.”

The Bosticks were offered bankruptcy as one solution, says Marilyn Stanley, COO of the Housing and Credit Counseling Inc., but they chose not take that route. (The organization typically charges a maximum of $45 for counseling services over a six-month period, she says, although it doesn’t turn away people who are unable to pay.) “Bankruptcy is used as a management tool for some people,” Stanley says. “but the Bosnicks felt responsible for their debt.”

Others agree that the Bosticks took the only right course of action. “If people in debt don’t pay it off you and I will have higher fees and interest rates,” says financial adviser David Hefty, CEO of Hefty Wealth Partners in Auburn, Ind. Plus, he says, the Bosticks didn’t have any medical emergency. “Everyone wants nice things,” Francine says; “we used credit cards to get them.”

For their fortitude, the Bosticks were named “Clients of the Year” by the NFCC.

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (1 of 1)

View all Comments »
    • I’m a senior widow and heavily in debt. I sold a lot my things just to make the minimum credit card payments. Then down the road, used the cards to get the car fixed or pay on my property taxes. Sort of a catch 22 situation. At my age, I wasn’t too concerned with ruining my credit when I stopped paying on my mounting credit card bills. I stopped because I ran out of things to sell.

      After a long soul searching, I decided to file bankruptcy. There’s two ways to look at it. I made the debt and should pay it off or “The devil made me do it”.

      Maybe credit card companies had no business enticing me into high spending limits on my cards. After all if I default, they still make out. The have insurance against people who don’t pay.

      Higher interests? If they were more sensible in the first place, they could keep the interest rates lower than loan sharks rates! But they’d rather go after everyone and their family pets….. yes, even family dogs have been issued credit cards along with college students who had no real way of paying off their bills!

      Maybe an ounce of prevention could prevent a ton of debt in the first place. We have become a nation of “instant gratification”. Get all the nice things even if you aren’t as rich as the 8% of our nation’s fat cats. Of course we want it all. All those cool things are flashed in our faces on TV, the internet and print media. Even the credit card companies hog most of the TV commercial air time with the car companies hog the other half…. again more easy financing.

      Who’s fault really is it? Ours or the credit card companies?

      Remember who got the nice juicy bail outs? Corporations like Bank of America, Citi Corp, Chase and a whole lot more. What did they do with the bail out money???? Give it to the insanely already rich to fatten their wallets even more.

      Me? I’m just a peon who’s about to jump from the red into the green so I can pay my normal bills every month and even maybe be able to buy some new clothes every so often!! I’m filing chapter 7!

About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

Tokyo Markets Close in:

need to know
Apple's biggest challenge: Topping iPhone 6
Petco gets private equity interest amid IPO
Planet Fitness rises after earnings beat
Five Below shares tank in late trading
Oil stages turnaround to top $46 a barrel
The 11 richest people on the planet under 35
How estate planning can be stress-free
Get last-minute, cheap Broadway tickets
Babe Ruth’s New York apartment is for sale

Almond milk and other notable Fed nuggets

Where every Fed member stands on raising rates  
Fed Beige Book finds increasing wage pressures
Where every Fed member stands on rates
Rate-hike question is what Yellen didn’t want
Boston Fed president: Sept. doubt remains

Bill Gross calls a Fed rate hike ‘too little, too late’
FDIC chief: Rates may catch banks off-guard
Junk-bond stress level climbs to 5-year high

History’s lessons in surviving market crashes

They tangled with student debt all summer
College help for low-income families

Why gold now looks more risky than stocks
Why gold now looks more risky than stocks: Reeves
Still too many gold market bulls: Mark Hulbert

GoPro’s stock rocked by supplier’s outlook

Intel hopes its chip retool can revive PC sales

Private sector adds 190,000 jobs in August: ADP

U.S. productivity rises at fastest pace since end of 2013
Productivity rises at fastest pace since end of 2013

Donald Trump, Hillary Clinton playing game of liar’s poker with the voters
Trump, Clinton play game of liar’s poker: Delamaide
Bush mounts ‘germophobe’ attack on Trump

Salesforce’s new target: rationalizing medical info

Medicare premiums will be going up for many

Workers don’t do better in unions
Opinion: Workers don’t do better in unions
Raising wages to $15 would raise prices by 4%
L.A.: $15 wage will lift 600,000 out of poverty

Growing doubts among Viacom investors lead to 50% stock drop
Growing doubts among Viacom investors

China stock market to close for World War II anniversary
China tightens controls to fight capital outflows

Guide to managing money from your 20s to your 70s
Guide to managing money from your 20s to your 70s
Take your company pension, or buy an annuity?
Don’t overcomplicate 401(k) transfer to an IRA
Is this all the investing advice you’ll ever need?

Uber drivers lawsuit  endangers much more than Uber
Uber will likely appeal class-action decision
Uber driver suit can proceed as class action

These are the cars that get the most Instagram attention
Best time to buy a new car may be just ahead

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA
/conga/frontpage.html 354005

Markets »

133.48MDow Volume:
Avg Vol: 113.01M
Unchanged
201
Decliners
1922
Advancers
4480
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,351 +293 1.82%
Nasdaq
/quotes/zigman/12633936/realtime 4,750 +114 2.46%
S&P 500
/quotes/zigman/3870025/realtime 1,949 +35 1.83%
GlobalDow
/quotes/zigman/629063/realtime 2,316 +3 0.13%
Gold
/quotes/zigman/662444/delayed 1,133 -1 0.09%
Oil
/quotes/zigman/2331095/delayed 46.25 0.00 0.00%
FTSE 100
/quotes/zigman/3173262/delayed 6,083 +25 0.41%
DAX
/quotes/zigman/2380246/delayed 10,048 +32 0.32%
CAC 40
/quotes/zigman/3173214/delayed 4,555 +14 0.30%
FTSE MIB
/quotes/zigman/1482176/delayed 21,612 +161 0.75%
IBEX 35
/quotes/zigman/2759620/delayed 9,938 -55 0.55%
Stoxx 600
/quotes/zigman/2380150/delayed 354 +1 0.27%
Asia Dow
/quotes/zigman/6959860/realtime 2,718 +15 0.56%
Nikkei 225
/quotes/zigman/5986735/delayed 18,393 +297 1.64%
Hang Seng
/quotes/zigman/2622475/delayed 20,935 -250 1.18%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,615 +161 0.63%
Singapore
/quotes/zigman/1709939/delayed 2,903 +25 0.86%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 0.00 0.04%
Yen
/quotes/zigman/16008150/realtime/sampled 120.56 +0.23 0.19%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.01%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.30%
DXY Index
/quotes/zigman/1652083/delayed 95.96 -0.03 0.03%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.63 +0.08 0.09%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.18 -0.01 0.40%
German 10y
/quotes/zigman/15866409/realtime 0.78 -0.02 1.96%
Italy 10yr
/quotes/zigman/15866497/realtime 2.00 0.00 0.02%
Spain 10yr
/quotes/zigman/15866444/realtime 2.15 +0.01 0.45%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.82 -0.01 0.55%
Japan 10yr
/quotes/zigman/15866525/realtime 0.41 +0.01 2.83%
Crude Oil
/quotes/zigman/2331095/delayed 46 0 0.00%
Gold
/quotes/zigman/662444/delayed 1,133 -1 0.09%
Corn
/quotes/zigman/7599553/delayed 366 -1 0.34%
DJIA F
/quotes/zigman/38649152/delayed 16,345 +15 0.09%
S&P F
/quotes/zigman/30356461/delayed 1,949 +1 0.07%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.02%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.89 2.66 3.05%
AAPL /quotes/zigman/68270/composite 112.34 4.62 4.29%
GOOG /quotes/zigman/30194416/composite 614.34 16.55 2.77%
BAC /quotes/zigman/190927/composite 15.85 0.32 2.06%
C /quotes/zigman/5065548/composite 51.75 0.81 1.59%
F /quotes/zigman/264304/composite 13.87 0.15 1.09%
T /quotes/zigman/398198/composite 32.82 0.50 1.55%
BP /quotes/zigman/247026/composite 32.20 0.06 0.19%
GE /quotes/zigman/227468/composite 24.57 0.69 2.89%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/246199/composite XLE+0.92%
  • /quotes/zigman/107702/composite KNDI-0.63%
  • /quotes/zigman/23556538/composite TWTR+2.92%
  • /quotes/zigman/52940733/composite TDOC-3.06%
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X
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