According to the latest survey by the CESI Debt Solutions in Raleigh, N.C., 40% of senior citizens who have accrued debt in their superannuation years are not troubled of paying them for the rest of their lives.  Experts say that these retirees should never use their credit cards more to complement their income.  They can be financially affected by these credits.  Do not choose a credit card for its reward offerings because you may have selected a credit card with a higher interest rate.  Seniors must maintain a good credit score to receive better rewards offered by credit card issuers.  It is recommended that they should have financial planning to avoid additional debts.

Excerpts:

“In fact, according to Bankrate.com, credit card debt is growing fastest among seniors.”

“Retirees on a fixed income should carefully evaluate how credit can fit into their overall financial plan. Those who cannot afford their day-to-day expenses may want to avoid taking on additional debt, but should instead consider a new spending and saving plan.”

Original article can be found at:

http://blogs.forbes.com/investopedia/2011/03/11/6-credit-mistakes-retirees-make/

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