Consumer Payment Card News

Elder Debt

A new study suggests that gramps may have the credit card cramps. The report found that older consumers have been increasing their debt loads, including credit card debt, and filing bankruptcy in record numbers. The report from the National Consumer Law Center says elders are increasingly using credit to pay for necessities like groceries, prescription drugs, and urgent house repairs. The NCLC says many fall victim to abusive creditor practices such as punitive interest rates and fees as well as credit line changes. The non-profit group says there is little margin for error with older populations as some are sacrificing their security to service debt. To view the complete report visit: “http://www.nclc.org/news/content/rising_debt.pdf”:http://www.nclc.org/news/content/rising_debt.pdf

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