Senior citizens are carrying more credit card debt now than ever before. Debt often becomes a problem after the senior citizen or his or her spouse suffers a health care crisis and requires nursing home care.
Significance
According to CBS News, the amount of credit card debt carried by senior citizens increased 89 percent between 1992 and 2001. Many seniors get into trouble with credit cards after they or their spouses suffer a medical crisis. Hospitals and nursing homes may urge seniors to pay for bills using their credit cards.
Prevention/Solution
If you discover your loved one has charged a large medical expense like nursing home care, help him or her explore other options to pay medical bills. For instance, if your loved one's assets are depleted, he or she is probably eligible for Medicaid to cover the cost of a nursing facility.
Misconceptions
Unless you have signed an agreement with a credit card company assuming responsibility for your loved one's debt, you are not responsible for paying his or her credit card bills. No matter what a creditor or bill collector says to you, do not obligate yourself to pay any of your loved one's unsecured debt without talking to an attorney or financial counselor.
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