Home » Finance » Credit

Credit Card Debt Reduction for the Elderly

Oct 16, 2007
Age brings on a number of problems. The years that follow retirement require a number of major adjustments. Many of these adjustments have to take place at the psychological level. For instance, the senior citizen has to get used to his new-found status as he is no longer going to be an earning member of the family. In effect, this would mean giving up the sense of independence that he had held on to all his life. Entering the hallowed group of senior citizens generally entails that the new entrant begins to be dependent on the younger members of his family. This can give one's self-respect a beating, but is relatively unavoidable.

A lot of senior citizens find themselves running up high credit card debt to pay for a number of bills that pertain to old age. This could include the bills for doctor's visits, medications, and other related things. Senior citizens who are still reeling under the burden of a loan that they had secured earlier may even resort to a cash advance to help them pay off that loan. The credit card does lend a helping hand to the senior citizen who is trying to pay off his bills. At the same time, running up a high credit card debt cannot possibly be a good thing. Yet, many people who have passed retirement age have no other choice. Their pensions and depleted savings are not likely to be of much help when it comes to paying off a number of bills.

However, senior citizens can negotiate with their credit card providers for reduced debt. Many card providers take into consideration the age of the card holder and are willing to relax existing debt repayment terms. The credit card companies recognize the fact that several senior citizens are unable to bear the burden of heavy credit card debt. Reducing the debt owed to them makes good business sense for the credit card company while also building goodwill for them with the post-retirement age group.

Senior citizens would also do well to go in for a cheaper credit card option. Switching credit cards may be a good idea for senior citizens who are paying unnecessarily high rates of interest. Moreover, with the zero percent balance transfer credit cards available in the market, even the act of switching need not be too costly. There are great bargains to be found if one does some looking around. Growing old may not be the easiest thing in the world. But senior citizens can reduce their worries considerably.
About the Author
For the best credit cards and deals on online credit cards, visit us. We are the one stop shop for credit cards.
Rating:
Please Rate:
(Average: Not rated)
Views: 128
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources