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Seniors struggling with credit card debt
Monday, Aug 31, 2009
By Jennifer Hewitt
The Washington Post recently featured the plight of Alice Smith, retiree who is falling deeper into debt. When it comes to credit card debt, Smith owes more than $10,000 on four credit cards. She also has $7,000 in debt to a credit union hanging over her head.
"I am80 years old," Smith told the Post, "and I don't need this headache at my age."
Combining a pension and Social Security, Smith receives around $2,000 a month. However, her rent is $955, and the interest on her debts is making it almost impossible for her to dig out of the hole she is in.
Smith isn't alone. According to a recent survey from Demos, those 65 and older are becoming more likely to be deeper in debt. Credit card debt for those 65 and older has grown
by 26 percent from 2005 to 2008. The average credit card debt for that age group was $10,235 in 2008.
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• Credit card debt defaults up for July Defaults on credit card debts saw a slight upswing during the month of July. August 17, 2009
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Resources that save you money
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might reduce your monthly payments by refinancing your mortgage. Get no-cost, online mortgage refinance quotes from up to four prequalified lenders.
• Buying a home? Get no-cost quotes online for competitive, fixed-rate mortages from up to four providers.
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• Get a free credit report. Find a professional to correct your credit report. Apply for a new credit card. Visit the Bills.com Credit Card Center .
Also, make sure to get a free financial health check-up with Bills IQ!
• Buying a home? Get no-cost quotes online for competitive, fixed-rate mortages from up to four providers.
• Reduce your debt up to 50%. Get matched with pre-qualified debt consolidation experts.
• Get a free credit report. Find a professional to correct your credit report. Apply for a new credit card. Visit the Bills.com Credit Card Center .
Also, make sure to get a free financial health check-up with Bills IQ!
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