Now seniors are accumulating credit card dues - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Now seniors are accumulating credit card dues

Now seniors are accumulating credit card dues

Now seniors are accumulating credit card dues
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

As if all the hue and cry about young adults piling up card debt wasn`t enough, now senior citizens are piling up card debts and living life king size, as if there were no tomorrow. These retirees are racking up debts at a very fast pace and will certainly not live to pay off most of these debts however, they don`t seem to have any qualms about doing so. While there are other retirees who are laden with debts and are declaring bankruptcy. These numbers are only growing.


As per the recent study conducted by the non-profit CESI Debt Solutions, this has become a worrisome trend as senior citizens (at least 401%) are racking up debts that they cannot pay during their lifetimes. These debts have been built up over a period of time, where it is both prior to and after retirement.


As per the survey, there were 56% of the retired citizens who had outstanding debts even before they retired and 96% did not want to delay their retirement plans just because of their outstanding debts.


According to CESI, credit card debts have been mounting after these seniors retire from their work force. Most seniors are found using their cards on leisure activities, while most seniors claim that they have bigger expenses related to health and hospitalization as well as other medical bills. In fact, 75% of the respondents claimed that the debts incurred were due to medical as well as funeral expenses and not on leisure activities, entertainment, clothing, jewelry or travel. Around 30% of those interviewed stated that they were still paying off their mortgage loans while 19% had auto loans to pay off. Another 45% claimed to be paying off somebody else`s student loan.


Generally, senior citizens hesitate to talk about their financial situation post retirement as this phase is supposed to be about enjoying their lives with the money that was saved for that period. Instead, most people couldn`t afford to do it during their slog years. The golden period cannot be called so especially if someone is sinking in debts.


Apart from the moral aspect of not paying back debts, there is very little in terms of the flipside for the seniors who have decided to take their debts to their grave. As per the law, creditors cannot legally attach anything to the pension or social security of senior citizens.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

MasterCard and Fred Segal Open Shop on the Strip

Posted: April 20, 2018

MasterCard and Fred Segal have opened Rock ‘n Roll Holy Land on Sunset Strip, an immersive exhibit giving people an insider’s view of the history of the Sunset Strip. The shop also puts a unique digital spin on window shopping using ... Continue reading
New Amex Centurion Lounge Opening in Denver

Posted: April 19, 2018

Are you a regular at Denver International Airport (DEN)? If so, you may want to check out the new Centurion Lounge when it opens next year. It’s stated to be the eleventh lounge in the Centurion line up. Offering airfield views and taking ... Continue reading
Crate and Barrel and Synchrony Bank to Offer New Credit Cards

Posted: April 18, 2018

Do you shop for furniture and household wares at Crate and Barrel? If so, you might be interested to know that the home furnishings retailer has inked a deal with Synchrony to offer customers not only new credit cards and financing ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!