December 17, 2014 — Issue Brief

Advice for Older Consumers About Credit Cards

Credit card debt can cause tremendous financial problems for older adults. Credit card problems are a leading cause of consumer bankruptcy filings. Contrary to popular myth, huge credit card bills are not mostly due to irresponsible overspending. Many consumers resort to credit cards to meet pressing financial needs or due to an emergency. Others find themselves hopelessly in credit card debt due to snowballing finance charges, late fees, and other high fees.

This National Consumer Law Center (NCLC) publication is designed to help elder advocates educate their clients on how to use credit cards wisely.