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An Older Adult’s Guide to Paying Off Credit Card Debt
Fixed incomes, limited incomes, and a sense of inflexibility regarding finances are all too common among older adults. Credit card debt in the United States is at an all-time high, and that debt is expensive, with average interest rates of 22% and up. Many consumers, young and old, pay even higher APRs on their revolving credit accounts, which also have the added inefficiency of compounding interest.
Here are the top ways older adults can pay off credit card debt.
Try A Debt Consolidation Program ✅
Debt consolidation programs bundle all your debts into one easy payment. Plus, they could slash your monthly payment by 40% or more and help you pay everything off in just 24 to 48 months. According to our Top Rated company, Accredited, this is exactly what they could do for you.
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Why we love it 💖
Accredited™ has helped their clients pay off over $2 billion in debt. They can lower your monthly payment by 40% or more, can offer a customized plan to tackle your debt, and don’t require a minimum credit score. Click See Plans to see if you qualify.Make a Personal Budget
Regardless of how you ultimately decide to reduce your credit card debt, the most important thing you can do for your financial health is to document it. Making and having a personal budget frees you up to think about more entertaining topics. More importantly, it allows you to see, in one place, where your money is coming from and where it’s going. Most importantly, it enables you to develop a money-management strategy.
Creating a personal budget doesn’t need to be complicated. In reality, your budget can be as simple as a list of your liabilities with payment dates or as complex as a well-laid-out spreadsheet. Most fall somewhere between. A pencil and paper work just fine for the task.
A simple trick for getting started is to use bank statements from the past few months to list your spending. Once created, use your budget to identify unnecessary spending and redirect at least some of those funds toward paying down credit card debt.
Get A Free Credit Card Debt Payoff Plan
If you’re living with over $20,000 in credit debt you need to try this approach to help you take back control of your finances. If you’re unsure about debt consolidation, try a free 2-minute consultation with a top company that can show you your potential savings and explain how the process works.
Seniors are saving thousands of dollars using this method without taking out a loan. If you’re interested at all this company offers a free, no-obligation savings plan consultation and is ranked number #1 on our top debt consolidation list for 2025
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Checking takes 2-minutes and does not affect your credit score.
Click on your state in the map to get started.
Reduce Spending and Credit Card Use
After taking control of your credit card debt and reducing it significantly, be cautious of acquiring new debt. Many consumers fall into the trap of having more room between their credit card balances and their spending limit. Use your budgeting skills and information to reduce your overall spending and avoid using credit cards.
SEE THE BEST DEBT CONSOLIDATION COMPANIES
Frequently Asked Questions
Debt consolidation involves combining multiple payments into one with a potentially lower interest rate and a lower monthly payment. The process can reduce the number of payments you need to manage and may reduce the total interest and length of time you pay on your unsecured debts.
Choose a company with excellent ratings and a solid history. Many companies offer an online pre-qualification process, which means you can check out what they have to offer before committing to any of them.
Debt consolidation companies may offer a completely free, no-commitment savings estimate plan to help you decide. If you’re considering debt consolidation but are unsure of the rates you might qualify for, the prequalification process can help you find the best plan for your situation.