Seniors Crushed Under a Mountain of Debt

A recent study called "The Plastic Safety Net" pegs those over age 65 as having the largest increase in percentage of debt of all the age groups. That's not a label we should be proud of, certainly.

How did this happen to us? There are real and compelling reasons for the way we've run up credit-card debt.

* Topping the list is medical-care costs. Co-pays for doctor visits, prescription costs, dental work that insurance doesn't cover -- it all adds up. The study says that we have on average $4,000 in medical expenses on our credit cards.
* For many of us, the value of our homes has plunged. What we assumed would be a nest egg for our advancing years has in many cases become an overpriced, under-valued albatross. When repairs are needed, we have to hire others.
* If we own a vehicle, car repairs can be very expensive. Outside of oil changes, there's not a single thing that can be repaired inexpensively on a car.
* Our fixed income is not enough to pay for everything we need, so we put purchases on credit cards.
* Our income is too large to qualify for any services or programs, but not large enough to cover our needs, so we use credit cards.

What can we do to help ourselves get out from under this mountain of debt many of us have? Here are some thoughts:
* Contact your credit-card company and ask for a smaller monthly payment or a reduced interest rate.
* Get credit counseling. Quite often, they can negotiate lower payments. (Ask for a referral from your local Council on Aging.)
* Consider cashing in an insurance policy to pay off debt.

It won't be easy to pay off credit-card debts, but we can do it, one dollar at a time.

Matilda Charles regrets that she cannot personally answer reader questions, but will incorporate them into her column whenever possible. Write to her in care of King Features Weekly Service, P.O. Box 536475, Orlando, FL 32853-6475, or send e-mail to columnreply@gmail.com.

(c) 2009 King Features Synd., Inc.