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Seniors' Debt on Their Credit Card Offers
Most of us have parents and grandparents and we are very much concerned about the future. Retirement is supposed to be a care free time: the time of traveling and enjoying the life. Today more and more seniors make use of the credit card offers. Many of them simply need credit cards to pay off their previous debt.
Unfortunately, many of them don't know how to use them correctly and fall into a big credit card debt. Every day senior Americans are fighting credit card debt!
Most of the credit card users who are older than 55 are already coping with medical expenses and fixed income. According to the survey more than 40% of American seniors help their adult children to pay loans, rent, health insurance and other expenses.
Unfortunately, today many seniors have problems with credit card companies, because they can't pay off their credit card debt. More and more old Americans seek bankruptcy protection. Most of them are embarrassed to talk to their children about their financial difficulties, that's why they ask a bankruptcy attorney to help them.
The main reason of the credit card crisis among senior Americans is availability of credit. Even 20 years ago the lending standards were much more stringent. Today almost everyone can get a credit card, it is fast and easy!
Senior citizens are not as financially educated as the young ones. According to the statistic the number of older Americans seeking pre-bankruptcy counseling is growing fast. In 2006 10% of the Americans seeking pre-bankruptcy counseling were 55 to 66 years of age, in 2006 this figure went up to 14%. According to the Administrative Office of U.S. Courts there are more seniors filling for the bankruptcy than the young people!
Older people make credit card deals with higher interest rates and pay more over-limits, late- payment and cash-advance fees.
Many American seniors don't really understand the way credit cards work! According to the survey, 30% of old Americans pay minimum payments and do not understand why their debt keeps growing.
Due to the strong advertising of credit cards, most seniors are confused, as they think all credit card offers are equal. They don't really understand that rewards credit cards, such as cash back credit cards or gasoline credit cards have higher interest rates or that using cash advance is very expensive!
If you want your parents and grandparents to have a good and stable financial future, try to do your best to share all your knowledge about credit cards! You can simply talk to them or give them books or web sites on this topic, it can be very helpful!
Sometimes credit cards are simply essential; credit system is very well developed in the United States. Nowadays we can't imagine booking a room, renting a car or going out to the expensive restaurant without carrying credit cards in our wallets.
Everyone has to be very well educated about credit cards; only in case of total awareness credit cards will be helpful! Don't let your dearest seniors suffer from financial problems, go ahead and ask if they need your assistance!
Nick
05:53 AM, December 11, 2007
problem with seniors is really serious and needs to be solved.
ARTICLES about Credit Cards | >> View all Articles
American Express Travel
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American Express continues to please its loyal customers with exclusive card offers for frequent travel rewards. Its latest product, co-branded with Delta Airlines, comes with a catchy "Delta Reserve Credit Card" name and aims at wealthy and creditworthy customers looking for incomparable travel experience. It cannot be referred to as a cheapest deal among the rewards type, but the price for the outstanding benefits and additional programs is more than acceptable.
The $450 annual fee and a competitive APR on purchases and balance transfers are charged for the exclusive access to the 24-hour Concierge Service, SkyMiles account rewards program and extended credit line. If you think you can find something better online, take a minute to read further and ascertain that American Express has not been overtopped.
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If you hold a valid FICO score with at least one national credit reporting agency, you are very likely to receive a pre approved bank card offer in the mail. But among the 3% of recipients completing and returning the application, only some 1.5% if not less actually get approved. Why is that and what are you required of to qualify for that enticing card offer sent by a major bank?
Most people think if they've been pre approved, there will be no hassle going through the formality of the application process. Now they don't have to spend hours searching and comparing products online to find the only right variant. Hardly anyone knows how the bank chooses a potential customer and what eligibility requirements it will use to finally approve or reject your application.
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Credit Cards at College
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Though a standard unsecured student credit card is available to high schoolers nowadays, it is at college that young people make their first financial decision independently from parents. The first responsibility comes with the need to choose the right plastic from a great spectrum of equally attractive offers.
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