Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many 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

By
Add to Favorites:
Now seniors are accumulating credit card dues

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.

Add to Favorites:

Related News:

Global Fraud On Hackers To-Do List This Season

By Dar Dowling, Posted: December 2, 2016

With the holiday shopping season upon us, retailers around the world can expect a 12% bump in online fraud when compared with data from the holiday season last year. Continue reading
Chase Pay Launched

By Dar Dowling, Posted: December 1, 2016

Chase Pay, the new digital payment system from Chase, is now open for business. Chase Pay lets people pay for purchases with their credit cards. Continue reading
Blowing The Holiday Budget is a Holiday Tradition

By Dar Dowling, Posted: November 30, 2016

If year after year you find your self overspending at holiday time you are not alone, with eight out of 10 consumers (78%) indicating that they are in the same boat. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
Earn 1% cash back on gas and grocery purchases. Terms apply.
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit