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Rising Debt, Falling Income: How to Dig Out



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“It can be depressing when they see their later years of life consumed with making payments and not making much of a difference,” he said. He recommended that retirees ask the credit card company for a lower interest rate.Older adults often unintentionally increase their high-interest debt by placing expenses on cards that they could pay off in less costly ways, counselors say.For example, medical bills typically charge little or no interest but turn into high-interest costs if placed on credit cards, Ms. Opperman said. Instead, she said, patients should call hospitals or other providers directly to work out …

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