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."
My wife and I are senior citizens, and one of us is covered by medicare, one by private health insurance. Between medicines that are not covered by either plan, co-pays, health insurance premiums, supplementary health insurance premiums, and needed nutritional supplements, we spend over $800.00 a month! That's after working hard for all of our lives, and there is no relief in sight. That's just one reason that seniors rely on credit cards so much. Also seniors don't have to go to ATM's as much when they use credit cards.
John DeFlumeri Jr, in Clearwater, Fla.
Posted by: John DeFlumeri Jr | August 29, 2009 at 08:32 AM