Seniors can avoid getting into credit-card debt

As if seniors didn’t have enough to worry about, the average credit-card debt for consumers ages 65 to 69 skyrocketed more than 200 percent from 1992 to 2001.

It now tips the scales at nearly $6,000, according to stats compiled for a recent National Consumer Law Center report. The debt is taking a toll, with almost one-third of retirees describing it as a “hardship,” notes the report.

“Older consumers still have less credit card debt than younger consumers,” says Deanne Loonin, the report’s principal author and a NCLC staff attorney. But they are catching up, and the consequences are greater.

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