Two of My Senior Family Members Have Had to Use Their Credit Cards to Pay for Groceries

Sadly, this is not unusual for seniors

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Did you know that credit card debt among seniors is on the rise?

Let’s face it: inflation is increasing, and everything costs more these days. Because of this, many people with low incomes struggle to keep up. Sadly, for many seniors on fixed incomes, AARP data shows that 52% of adults ages 50 to 64 have credit card debt, and 42% of those ages 65 and up.

Daniel de Vise shares the following statistics in his article.”

“47% of seniors surveyed said they used credit cards to pay for basic living expenses. 48% said they owe $5000 or more, and 28% carry a balance of $10,000 or more. Health care and dental bills are two of the biggest expenses placed on credit cards.”

Seniors on fixed incomes find paying off their credit cards increasingly difficult. Many are forced to make minimum payments, which barely reduce their balances.

Sadly, two of my family members have recently confessed to putting their groceries on their credit cards. One is single, and I wasn’t surprised to hear she is struggling. But I admit I was surprised by the other family…