Whether it be the fact that retirement is getting far more expensive or that healthcare costs are rising, senior citizens are suffering from greater credit card debt than before. The National Consumer Law Center reported that the average credit card debt for consumers between 65 and 69 years old now totals almost $6,000.  The report states that nearly one-third of retirees describe credit card debt as a "hardship."

It is important that senior citizens learn the current processes of credit cards and of their finances. It is crucial for them to pay special attention to the Schumer Box provided with each credit card application, which includes information such as the card's default Annual Percentage Rate, credit limit, and late fees.

As well, it may be a good idea to consider hiring a financial advisor to help plan for your retirement. Only use a fee-only financial planner, who you are able to pay by the hour, or get the financial planner to approve the plan you create on your own.  Your plan will determine factors such as the age at which you can retire.  It also must contain a budget for living within your means, allowing you to figure out how much discretionary income you will be left with after paying for expenses. It is important to account for additional, and greater, expenses to come in the future with age and time – such as health costs.

Last, it is a good idea to consider postponing social security as much as possible for older Americans. Credit card debt, and other forms of debt, is largely due to seniors' growing expenses while they experience fixed incomes.  By delaying the start of Social Security for as long as they can, seniors will get an increased monthly payment when they do begin the program.  It may be necessary to work a few more years to cause for this delay, but more years of work will allow for the assets to continue to grow.