Credit Card Debt and Senior Citizens
In an article in tomorrow's Washington Post titled "Seniors Leaning on Credit", Nancy Trejos reports on the credit card debt burdens facing senior citizens - where balances have increased the fastest of any age group.
Trejos writes: "Complicating matters, many card companies have raised interest rates, fees and minimum payments recently in anticipation of a new law taking effect in February that will restrict such hikes. Older borrowers have been hit especially hard by such actions, consumer advocates said, because their incomes are fixed and their ability to get a job is limited."
